Shares of Expedia Group Inc. (EXPE) were down 7.5 percent on Thursday's extended-hours and are currently trading 9 percent lower in pre-market activity on the NYSE, after the company posted wider loss in its first quarter amid weaker-than-expected demand in the US.
The company's adjusted income, however, surged 81 percent from last year with growth in revenues. The company posted net loss of $200 million or $1.56 per share in the first quarter, compared to net loss of $135 million or $0.99 per share in the same period last year.
On an adjusted basis, the American travel technology company's income came in at $53 million or $0.40 per share in the quarter, compared to $29 million or $0.21 per share in the year-ago quarter.
During the three-month period, adjusted EBITDA rose 16 percent to $296 million from $255 million a year ago.
Quarterly revenues increased 3 percent to $2.99 billion from $2.89 billion in the previous-year period.
Total gross bookings grew 4% in the first quarter to $31.45 billion.
Commenting on the results, Ariane Gorin, CEO, said, "We posted first quarter bookings and revenue within our guidance range despite weaker than expected demand in the US, drove bottom-line meaningfully above our guidance, and made significant progress against our strategic priorities. Looking ahead, we are committed to continuing to deliver margin expansion while growing our top-line.
On the NYSE, the stock was down 7.5 percent on Thursday's after-hrs at $156.33, after closing regular trade 1.5 percent higher at $168.99.
In pre-market trading, the stock is trading down 9 percent at $153.15.
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