Expedia Group Inc (NASDAQ:EXPE) stock plunges 15.67% (As on May 3, 11:20:59 AM UTC-4, Source: Google Finance) despite the company beaten the earnings estimates for the first quarter of FY 22. The company had completed the sale of the Egencia to Amex GBT on November 1st, and the EPS business entered into a 10-year lodging supply agreement with Amex GBT. For the first quarter 2022, total gross bookings were $24.4 billion, up 58% compared to the first quarter 2021 and down 17% compared to the first quarter 2019, the smallest quarterly decline since the start of the pandemic. Booking trends for lodging, air, and other travel products all improved sequentially from the fourth quarter of 2021, which saw a larger impact from the COVID-19 Omicron variant. Retail, B2B, and trivago segment revenue increased compared to the first quarter of 2021. Gross bookings and revenue growth reflect a significant improvement in travel trends compared to the first quarter of 2021. For the first quarter 2022, net loss was $122 million and adjusted net loss was $74 million. Adjusted EBITDA was $173 million, roughly flat versus the first quarter 2019, despite revenue being down 14%. On April 14th, Expedia Group entered into a new $2.5 billion unsecured credit facility, which provides $500 million in additional liquidity compared to the prior credit facilities. Additionally, on March 3rd, Expedia Group completed the early redemption of its €650 million Senior Notes that were due June 2022.

EXPE in the first quarter of FY 22 has reported the adjusted loss per share of 47 cents, beating the analysts’ estimates for the adjusted loss per share of 48 cents. The company had reported the adjusted revenue growth of 81 percent to $2.25 billion in the first quarter of FY 22, which is inline with the analysts’ estimates for revenue of $2.25 billion. As a percentage of total revenue in the first quarter of 2022, lodging accounted for 72%, advertising and media accounted for 7%, air accounted for 3%, and all other revenues accounted for the remaining 18%. Lodging revenue increased in the first quarter of 2022, compared to the first quarter of 2021, driven by a significant increase in room nights stayed across hotels and alternative accommodations as well as average daily rate growth. Air revenue increased in the first quarter of 2022, driven by an increase in tickets sold, as air travel demand improved compared to the first quarter of 2021. Advertising and media revenue increased in the first quarter of 2022, compared to the first quarter of 2021, due to increases at both trivago and Expedia Group Media Solutions.