expedia results better than expected

EXPEDIA has revealed better-than-expected results for the quarter ending September 30, despite a sharp drop in transactions following events in the US.

The company reported profits of $15.1 million for the quarter, twice what Wall Street analysts had predicted.   

Gross bookings, minus cancellations, were $723 million, up 55% on the same quarter last year. Transaction levels are now at 80 to 85% pre-September 11 levels.

Expedia.co.uk managing director James Vaile commented: “The strengths of our product and business model have helped us weather the storm experienced by the travel industry since the terrible events of September 11. While we expect these events to continue to affect our results, the steadily recovering travel business and our strong balance sheet will allow us to continue to build on our past success.”