Expedia shares rocket higher on first-quarter jump in bookings

Shares of Expedia took off Friday after the company reported better-than-expected quarterly sales and a sharp increase in booking volume.

The online travel agent’s stock rose 8 percent, trading near $115 as of 12:18 p.m. ET Friday.

The company reported a 15 percent year-over-year increase in first-quarter bookings, boosted by its HomeAway, Expedia and Hotels.com brands. Expedia’s revenue also popped 15 percent year over year to $2.5 billion, beating analysts’ consensus estimates. The company reported an adjusted loss of 46 cents per share, in line with estimates, according to FactSet.

“Expedia Group is one of the largest [online travel agencies] with leading brands such as Hotels.com and is well positioned in the attractive online travel space with ample runway for bookings growth,” Stifel analyst Scott Devitt wrote in a note to clients Friday. He has a hold rating on the stock.

Shares of Expedia had fallen Thursday afternoon after Trivago, which is majority owned by Expedia group but listed separately on the Nasdaq, missed analysts’ expectations for the quarter.

Expedia’s stock had dropped by more than 22 percent over the past year through Thursday’s close, compared with a roughly 12 percent rise in the S&P.

Link to the source of information: www.cnbc.com