A goodwill impairment charge sent Expedia Inc. to a $2.76 billion net loss for the fourth quarter of 2008.
"We have taken a substantial write down of the accounting value of our goodwill largely due to significant stock market declines," said Expedia CEO Dara Khosrowshahi.
Expedia's revenue was down 6.7% for the quarter, to $620.8 million. Gross sales were down 11%, to just over $4 billion.
"The story of 2008, and 2009 for that matter, is clearly the global recession and its impact on nearly every sector of our economy," said Barry Diller, Expedia chairman. "When we emerge from this downturn is anyone’s guess, but what certainly is not a guess is Expedia’s global leadership in travel and our conservative management, both of which will allow us to weather a downturn of almost any length and come out stronger than when this mess began."
