Expedia (NASDAQ:) shares rose around 2% after-hours following the company’s reported Q1 results, with EPS of ($0.47) coming in better than the consensus estimate of ($0.57). Revenue was slightly more than the consensus estimate at $2.24billion, but it still exceeded $2.25billion. The quarter’s total gross bookings grew by 58% to $24.4 billion, year-over-year. Comparatively to Q1/19 total gross bookings fell 17% which is the lowest quarterly drop since the outbreak of the pandemic.

Peter Kern, Expedia Group Vice Chairman and CEO, stated that the initial impact of Omicron left over from 2021 was countered by the rebound in demand which reached new heights following the launch of Covid. The company reported that travel to the region was at its highest level since the outbreak of the pandemic, despite the fact that some recovery efforts in Europe were hampered by the conflict in Ukraine. Kern said that there are positive signs for an increase in leisure travel, and the company is keeping an eye out on macro indicators such as inflation or ongoing geopolitical tensions.

Expedia’s shares fell 3% over the past year, according to the results.

By Davit Kirakosyan