Expedia slumps to $1.2 billion loss in Q2

February 10, 2018 - Bellevue, WA, USA: An Expedia sign can be seen on top of a building on a sunny day
By Travel Weekly


Expedia Group has revealed how it fared during what the company’s CEO described as “likely the worst quarter the travel industry has seen in modern history”.

The company swung to a net loss of US$753 million ($1.2 billion) in the second quarter of 2020 from a US$183 million ($256.8 million) profit in the prior corresponding period.

Overall revenue totalled US$566 million ($793.4 million), down 82 per cent on Q2 in 2019, while group bookings suffered an 82 per cent decline to US$2.7 billion ($3.8 billion).

Expedia vice chairman and CEO Peter Kern said the second quarter of 2020 represented “likely the worst quarter the travel industry has seen in modern history, and Expedia was of course not spared”.

“However, after the bottom of the trough in April, we saw consistent improvement in gross bookings through May and June with cancellations moderating,” he noted.

“It is clear though that it will be a bumpy and inconsistent recovery with virus numbers being volatile around the globe, and country and region restrictions changing all the time.

“We cannot control these short-term changes in demand, so we are instead focused on our needed long-term strategic work.”

Kern said that by reshaping and simplifying the organisation, Expedia Group has put itself in a position to optimise its brands, data and technology.

“These changes have also allowed us to streamline our business as we look to drive significant efficiency across the company,” he added.

“Thanks to the tremendous efforts of our team, I am confident we are on track to come out of the pandemic in a much better place.”

Expedia has made some major changes to its business operations this year, including the appointment of Kern as CEO and Eric Hart as its chief financial officer and the closure of its Multifamily Solutions business.

Featured image source: iStock/rvolkan

Latest News

  • Aviation
  • News

Air New Zealand adds Nathan McGraw and Scott Wilkinson to executive team

Air New Zealand has today made two new appointments to its executive team, appointing Nathan McGraw as Chief Safety and Risk Officer and Scott Wilkinson as Chief Commercial Officer. Nathan McGraw has worked in aviation for over thirty years, twenty of which have been with Air New Zealand. He has been heading integrated planning for […]

  • News

Caravan Living on the Rise: Aussies Seek Freedom, Flexibility, and Adventure on the Open Road

Caravanning in Australia is experiencing a remarkable surge in popularity, attracting a broad range of people seeking the freedom to live on their terms, Canvas8 data shows. As the cost of housing continues to climb, caravanning offers a flexible and affordable alternative that allows individuals to explore the vast Australian landscape while retaining the comforts […]

  • Cruise
  • Food & Beverage

Holland America Line refreshes Rudi’s Sel de Mer specialty restaurant

Holland America Line has announced it is updating Rudi’s Sel de Mer with a relaxed Mediterranean bistro fool aboard Rotterdam, Nieuw Statendam and Koningsdam. The intimate venue features casual but classic Mediterranean dishes that reflect the cuisine of regional countries including Italy, France, Spain, and Greece. The new concept is rolling out in January and February 2025. […]

  • Road & Rail

Man with a caravan provides expert tips for making the right choice

As caravan buying surges for new year holiday makers, Crusader Caravans has provided expert tips to help Aussies make the right choice for their rig. A particular problem amongst new, and even seasoned caravaners is unintentionally overloading their rigs. This poses a major safety risk, can void insurance pay outs, and is an offence with […]

  • Destinations

Touring the Calanques of Marseille by boat

Marseille, one of the highlights of France’s stunning Mediterranean coastline, beckons travellers with ancient charm, lively markets, and unbeatable summer vibes. It also serves as a gateway to one of southern France’s most stunning natural attractions: the Calanques. For those seeking a serene summer escape, embarking on a day tour of the Calanques offers an […]

  • News

Troy Haas joins The World Travel and Tourism Council

The World Travel & Tourism Council (WTTC) has welcomed Brownell CEO Troy Haas to its distinguished membership, bringing unparalleled expertise in global luxury travel. Founded in 1887, Brownell is North America’s oldest travel agency, rooted in innovation since its inception. What started as a bold venture with 10 intrepid travellers aboard the SS Devonia to Switzerland, has […]