Air travel no longer a dirty word as Expedia emerges from a cloud of negativity...
Published: 29 January 2002 11:00 GMT
Shares in Expedia shot up this morning, after the online travel company beat analysts' expectations with upbeat second quarter results.
In Europe shares opened 8.62 per cent up, while shares on the Nasdaq were up eight per cent at the close of US trading yesterday.
Net profit, excluding one time charges, was $19m - or 31 cents per share - beating analysts' ten cents per share consensus over threefold.
In the same quarter last year the company post a net loss, excluding charges, of $2.6m - or six cents per share.
When charges were accounted for, net profit was $5.2m - compared with a loss of $25.3m in Q2 2001.
Revenue for the quarter was $81.8m, almost double last year's Q2 revenue of $44m.
Shares in rival Travelocity also shot up, to close up 16.97 per cent in the US.
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