Expedia Inc. beat analysts’ estimate for fourth-quarter revenue, as the company benefited from a continued resurgence in hotel bookings.
Expedia’s fourth-quarter revenue jumped 24% from a year earlier to $974.9 million. Analysts in a Thomson Reuters survey forecast $930.7 million in revenue.
The company's shares were up about 4% in after-hours trading Tuesday afternoon.
Expedia boosted room-night bookings by 33% from a year earlier. Air bookings rose 7%. Such growth more than offset a 3% decline in average room rate.
Expedia’s net income fell 90% to $6.73 million on a one-time charge of $110 million, a legal-reserves charge stemming from Hawaii’s recent decision to hold online travel agencies accountable for unpaid excise taxes.
A Hawaii judge last month said that OTAs collectively owed about $150 million in unpaid back taxes and interest accumulated during the past decade. Follow Danny King on Twitter @dktravelweekly.