Expedia Group posted a $577 million net loss in the second quarter, compared with a year-earlier net income of $276 million.

The company's Q2 revenue fell 82%, to $566 million, while total gross bookings decreased 90%.

According to Expedia, cancellations exceeded new bookings in April. But the decline in new bookings slowed and cancellations moderated as some countries around the world started to contain the virus and lift travel restrictions. In May, it said, total gross bookings turned positive, a trend that continued into June.

Expedia attributed the growth largely to its alternative-accommodations business, Vrbo.

"The second quarter of 2020 represented likely the worst quarter the travel industry has seen in modern history, and Expedia was of course not spared," CEO and vice chairman Peter Kern said in a statement.

"However, after the bottom of the trough in April, we saw consistent improvement in gross bookings through May and June with cancellations moderating," Kern added. "It is clear though that it will be a bumpy and inconsistent recovery with virus numbers being volatile around the globe and country and region restrictions changing all the time."

Expedia's results call Thursday afternoon stopped broadcasting for some time due to "an outage with our provider," a spokesperson said. The call's recording and a transcript were expected to be posted on Expedia's investor website after the call.


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