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Expedia Group Inc EXPE

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Morningstar’s Analysis

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Despite Foggy Details, Airbnb IPO Looks Poised to Take Flight Even Against a Murky Travel Backdrop

Dan Wasiolek Senior Equity Analyst

Analyst Note

| Dan Wasiolek |

Airbnb’s plans to file for an IPO in August come at a time when travel demand has been slammed by coronavirus concerns, which have also weighed on the shares of many travel operators. Although we expect global travel demand to take years to recover to 2019 levels, Airbnb’s domestic vacation rental bookings returned to year-over-year growth starting in mid-May, as travelers have sought road destinations versus air trips during the pandemic, aiding its plans for an IPO.

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Company Profile

Business Description

Expedia is the world's largest online travel agency by bookings, offering services for lodging (70% of total 2019 sales), air tickets (7%), rental cars, cruises, in-destination, and other (14%), and advertising revenue (9%). Expedia operates a number of branded travel booking sites, including Expedia.com, Hotels.com, Travelocity, Orbitz, Wotif, AirAsia, Egencia, and Vrbo. It has also expanded into travel media with the acquisition of Trivago. Transaction fees for online bookings account for the bulk of sales and profits.

Contact
1111 Expedia Group Way W
Seattle, WA, 98119
T +1 206 481-7200
Sector Consumer Cyclical
Industry Travel Services
Most Recent Earnings Jun 30, 2020
Fiscal Year End Dec 31, 2019
Stock Type Cyclical
Employees 25,400

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