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Expedia announces big earnings turnaround

Post by John Gillie / The News Tribune on Feb. 11, 2010 at 4:17 pm with No Comments »
February 11, 2010 4:17 pm

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.

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