Bellevue’s Expedia Inc.’s third quarter profits rose 23 percent despite the recession that has depressed airline fares and hotel rates, the company reported today.
The online travel company reported net income of $117 million or 48 cents a share after adjustments compared with profits of $94.8 million or 39 cents a share in last year’s third quarter.
Analysts polled by Thomson Reuters had predicted income of 43 cents a share. Share prices were down seven cents a share in early trading today after the announcement.
The company’s gross bookings increased 9 percent on 26 percent more transactions driven in part by the company’s dropping fees on airline ticket bookings on the Web.
Domestic bookings amounts increased 8 percent and international bookings increased 11 percent in dollar volumes.
Expedia last week announced it is closing its Tacoma customer service center and transferring its functions to Las Vegas. Expedia didn’t say why it was closing the operation, which reportedly employed some 200 people beyond a vaguely worded explanation.