Bellevue’s on-line travel agency Expedia.com announced a big turnaround in yearly and quarterly earnings for 2009 and its fourth quarter.
For the year, the company reported net income of $299.5 million for all of 2009 compared with a loss of $2.52 billion for 2008. For the fourth quarter, the travel agency showed a $102.2 million profit in 2009 compared with a $2.76 billion loss for the fourth quarter of 2008.
Most of the big difference year-to-year was a big writedown in goodwill and intangible assets the company took in 2008, but even the operating income before amortization was better in 2009 showing a 9 percent increase to $761.5 million over the year before.
Despite the recession, worldwide hotel revenue increased by 2 percent in 2009 and 16 percent in the fourth quarter.