The shares of ExpediaOn Tuesday, the stock plunged by more than 13% after reporting mixed financials for what has been a challenging earnings season.

After Monday’s bell, Expedia reported its first quarter financial results. Expedia reported a loss of 47 cents per share for $2.25billion in revenue. Analysts expected Expedia to post a loss of 62c per share on revenue of $2.23 billion.

According to FactSet, the company also owned Vrbo and reported $24.41 billion in gross bookings, as opposed to Wall Street’s anticipated $25.89 trillion. Bookings of room nights were also not included by Expedia. According to FactSet, Expedia booked 56.5 Million Room Nights, which is a significant increase from the 64.28million projected by analysts.

Eight firms have reduced the price targets for the stock after the report.

Credit Suisse analysts wrote that results were “lower than expected given Omicron’s impact as well as the uncertainty around geopolitical events.” It slashed the price target from $231 to $225.

Diverse industry executives representing travel have stated that they are optimistic about the summer travel season and consumers eager to travel. Expedia CEO Peter Kern stated that there had been a small impact due to the Ukrainian war and the omicron coronavirus variation. The inflation could also impact consumer plans.

Michael Bloom from CNBC contributed to the report.

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