BELLEVUE, Washington — Shares of Expedia climbed in aftermarket trading after the online travel company reported solid second-quarter results.
Expedia, which sold its majority stake in Chinese travel service eLong during the quarter and is in the process of buying competitor Orbitz, posted a bigger-than-expected profit. Its stock added $8.64, or 8 percent, to $116.25 in extended trading.
Expedia Inc. said Thursday its profit surged to $449.6 million, or $3.38 per share, in the second quarter. Excluding gains from the sale of eLong and other one-time items, the company said it earned 89 cents per share. Revenue rose 11 percent to $1.66 billion. It said gross bookings excluding eLong rose 20 percent from a year ago.
Analysts expected net income of 85 cents per share and $1.66 billion in revenue, according to Zacks Investment Research.
A group of Chinese companies bought Expedia's stake in eLong in May for $671 million. The unit had been slowing down Expedia's profits.
The Bellevue, Washington-based company agreed to buy Orbitz Worldwide Inc. for $1.3 billion in February and Orbitz shareholders approved the sale in May. Expedia expects to complete the purchase in the second half of 2015, but regulators have not yet cleared the deal.
Expedia shares have increased 26 percent in 2015 and closed at $107.61 on Thursday.
Elements of this story were generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on EXPE at http://www.zacks.com/ap/EXPE
Keywords: Expedia, Earnings Report