Expedia Q3 beats estimates as sales triple
BELLEVUE, May 1 (Reuters) - Expedia Inc. (NASDAQ: EXPE) on Monday posted a smaller-than-expected loss as revenues at the online travel service more than tripled amid its shift toward more lucrative sales of of hotel rooms and tour packages.
The Bellevue, Wash.-based company, which is 85-percent owned by software giant Microsoft Corp. (NASDAQ: MSFT), said its loss for the three months ended March 31 was $17.3 million, or 40 cents a share, compared with a loss of $6.8 million a year earlier.
That figure was the net loss before amortization of stock compensation, goodwill and a one-time charge, Expedia said. It did not give a per-share amount for the year-ago period. Expedia was expected to lose 57 cents a share, according to consensus analyst estimates compiled by First Call/Thomson Financial, which tracks Wall Street earnings forecasts.
Revenues were almost $31.9 million, up from $11.2 million a year earlier. Commissions and fees from airline ticket sales made up less than 30 percent of revenues and less than 40 percent of gross profit, marking a shift toward more profitable lodging and package sales, the company said.
Microsoft spun off Expedia in October 1999. During its latest quarter, Expedia bought Travelscape.com and VacationSpot.com, two Web sites that book lodging services, for about $177 million in stock, options and warrants. |
