Expedia reports record high lodging bookings for Q1
The company announced impressive Q1 results, with a 20% YoY increase in gross bookings and a 23% increase in booked room nights
The total gross bookings for the quarter stood at $29.4 billion, with lodging bookings hitting a record high of $21.1 billion. This remarkable increase in bookings is attributed to the strong travel demand that has remained resilient, despite macro headwinds.
Key takeaways
- The B2B segment of Expedia has outperformed its retail side, driving margins higher and contributing significantly to the overall growth;
- Expedia is still heavily spending on marketing to drive demand, which has led to less efficiency on a booked room night basis compared to booked gross profit;
- The company is seeing big cities coming back, due to hybrid work, shortening the length of their stays and shifting away from month-long COVID-era beach or mountain vacations.