Expedia surged more than 14% to 52-week highs Thursday afternoon after disclosing quarterly results that easily exceeded analysts’ forecasts.Even though its net income plunged 57% amid foreign exchange losses, Expedia posted an adjusted-profit of 38 cents per share, 7 seven cents better than the Street had been bracing for.
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The largest U.S. travel site said its revenue tumbled 3% to a better-than-expected $769.8 million. Excluding currency fluctuations, Expedia’s revenue rose 1%.
Expedia said gross bookings tumbled 5% during the second quarter amid a 20% plunge in worldwide airfare revenue.
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