Excerpt from PhocusWire
Expedia Group saw total gross bookings and total revenue both increase significantly in the first quarter of 2022, according to the online travel giant’s latest earnings report.
Gross bookings for the three months ending March 31, 2022, were $24.4 billion, up 58% compared to $15.4 billion in Q1 2021 and down 17% compared to the first quarter of 2019, the smallest quarterly decline since the start of the pandemic.
Revenue for the period was $2.2 billion, a jump of 81% from $1.2 billion in the first quarter of 2021.
Net loss, meanwhile, was $122 million and adjusted EBITDA net loss was $74 million. Adjusted EBITDA for Q1 2022 was $173 million, roughly flat versus the first quarter of 2019, despite revenue being down 14%.
Booking trends for lodging, air and other travel products all improved sequentially from the fourth quarter of 2021, Expedia Group reports, which saw a larger impact form the Omicron variant.
As a percentage of total revenue in Q1 2022, lodging accounted for 72%, advertising and media accounted for 7% and air for 3%, with all other revenues accounting for the remaining 18%.
Expedia Group says the increase in lodging revenue in Q1 2022 compared to the same period in 2021 was driven by a significant increase in room nights stayed across hotels and alternative accommodations as well as average daily rate.
Air revenue increased because of an increase in tickets sold as air travel demand improved compared to the first quarter of 2021.
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