Expedia Group records huge 2020 loss

Expedia Group records huge 2020 loss

Expedia Group has reported a loss of $2.69 billion, or $19 a share, for financial 2020 as the Covid-19 pandemic took a huge toll on travel.

The company recorded $5.2 billion in revenue, compared with earnings of $6.15 a share on revenue of $12 billion in 2019.

Gross bookings at the online giant fell 66 per cent, and revenue declined 57 per cent in 2020.

Bookings and revenue each plunging 67 per cent in the fourth quarter, suggesting a recovery may still be some way off.

The company reported a fourth-quarter loss of $412 million, or $2.89 a share, compared with net income of $76 million, or 52 cents a share, in the year-ago period.

“The fourth quarter brought signs of hope in the form of vaccine approvals, but rising cases across the globe and rolling shutdowns of various travel markets made an impact,” said Expedia chief executive, Peter Kern.

“As a result, quarter four did not show any real sequential progress other than some signs of modest improvement around the holidays that carried into the early part of 2021.”

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