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<p class="has-drop-cap">Expedia (NASDAQ: $EXPE) shares jumped over 15% at the market open on Friday, a day after the travel technology provider posted impressive earnings and revenue growth for <a aria-label="Q3 2023 (opens in a new tab)" href="https://s202.q4cdn.com/757635260/files/doc_financials/2023/q3/Earnings-Release-Q3-2023.pdf" target="_blank" rel="noreferrer noopener nofollow" class="deco-link">Q3 2023</a>. Furthermore, the company also announced a $5 billion stock buyback program, driving the stock price rally further.</p> 
<h3 id="expedia-s-quarterly-revenue-soars-to-record-high-amid-resilience-of-travel-demand">Expedia’s Quarterly Revenue Soars to Record High Amid ‘Resilience of Travel Demand’</h3> 
<p>Expedia Group posted better-than-expected Q3 2023 earnings results on Thursday, driven by strong travel demand. The report sent the travel technology firm’s shares 15.8% higher at the opening bell on Friday.</p> 
<p>Namely, Expedia reported third-quarter earnings per share (EPS) of $5.41, representing a year-over-year (YoY) growth of 33%. The company’s revenue was $3.93 billion, a record quarterly figure. YoY, revenue increased by 9%.&nbsp;</p> 
<p>EPS and revenue numbers exceeded Wall Street’s expectations of $5 per share and $3.86 billion, respectively. Expedia said the number of booked room nights in the quarter soared 9% from a year earlier to 89.3 billion while lodging gross bookings hit $18.5 billion, a record high for third quarters.&nbsp;</p> 
<p>Net income came in at $425 million for the three-month period, while adjusted net income hit $778 million – the highest for any quarter.&nbsp;</p> 
<blockquote class="wp-block-quote"> 
 <p>“Our strong third-quarter results with record revenue and profitability came in ahead of our guidance and reflect the resilience of travel demand.”</p> <cite>– Expedia CEO Peter Kern said in the earnings release.</cite>
</blockquote> 
<p>To an even more pleasant surprise for Expedia investors, the Seattle, Washington-based firm approved a $5 billion stock repurchase program. Expedia already bought back $1.8 billion of its stock in 2023.&nbsp;</p> 
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<h3 id="expedia-stock-hits-3-month-high">Expedia Stock Hits 3-Month High</h3> 
<p>Today’s rally provides a significant boost for Expedia’s stock, which now sits at a 3-month high. Although the company’s shares were already in the green territory, its year-to-date gains now stand at more than 25%, outperforming the <a href="https://tokenist.com/the-sp-500-is-down-10-since-august-as-the-magnificent-seven-struggle/" rel="dofollow" class="deco-link">broader market</a>.</p> 
<p>Expedia’s recovery underscores the <a href="https://finance.yahoo.com/news/southwest-ceo-holiday-travel-demand-is-strong-133700215.html" target="_blank" aria-label="resurgence in travel demand (opens in a new tab)" rel="noreferrer noopener nofollow" class="deco-link">resurgence in travel demand</a> during the <a href="https://tokenist.com/small-businesses-lead-hiring-spree-3-67m-jobs-added-since-feb-2020/" rel="dofollow" class="deco-link">post-pandemic era</a>. As a result, the firm’s margins have improved significantly in recent years, bouncing back to pre-pandemic levels.&nbsp;</p> 
<p>Looking ahead, the company’s full-year guidance for double-digit topline growth and margin expansion remained unchanged.&nbsp;</p> <iframe src="https://tokenist.substack.com/embed" width="100%" height="320" style="border:1px solid #EEE; background:white;" frameborder="0" scrolling="no"></iframe> 
<p><strong><em>Do you see travel demand getting stronger in the near future</em></strong><em><strong>? Let us know in the comments below.&nbsp;</strong></em></p> 
<p>The post <a rel="nofollow" href="https://tokenist.com/expedia-opens-16-higher-after-impressive-q3-earnings-5b-stock-buyback/">Expedia Opens 16% Higher After Impressive Q3 Earnings, $5B Stock Buyback</a> appeared first on <a rel="nofollow" href="https://tokenist.com">Tokenist</a>.</p>

Expedia Opens 16% Higher After Impressive Q3 Earnings, $5B Stock Buyback

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