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Expedia Sees Profit

TECHNOLOGY BRIEFS

April 17, 2001|Reuters

Expedia Inc. said it will report its first quarterly operating profit for the period just ended, more than a year ahead of schedule, as the Internet travel industry continues to grow at a healthy clip. Expedia, which is 70% owned by software giant Microsoft Corp., said it will report earnings before noncash items of about $4 million, or 9 cents a share, for its fiscal third quarter ended March 31. That contrasted with analysts' forecasts of a loss of 10 cents to 15 cents, with a consensus expectation of a 13-cent loss, according to First Call/Thomson Financial. The Bellevue, Wash.-based company, which resells airline tickets and hotel bookings to consumers at a markup, is scheduled to report its earnings April 30. Expedia expects revenue of about $110 million, up about 88% from a year ago. The company also said it expects to post positive net income before noncash items for the first time and to report positive cash flow. Shares of Expedia rose 93 cents to close at $18.60 on Nasdaq.

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