Expedia Group stock tumbled nearly 13% in after-hours trading Wednesday after the company missed analyst estimates on revenue.

For the third quarter of 2019, Expedia reported a 9% increase in revenue, to $3.6 billion, around $10 million less than analysts forecast. Net income decreased 22%, to $409 million. Adjusted earnings before interest, tax, depreciation and amortization (EBITDA) was flat at $912 million.

As a result, CEO Mark Okerstrom said the company was lowering its full-year 2019 guidance for adjusted EBITDA growth to 5% to 8%.

Okerstrom pointed to several headwinds that left Expedia with a "disappointing" quarter: Expedia saw weakness in search engine optimization volumes and a related shift into higher-cost marketing channels; lower average daily rates (ADRs) than expected; and softer-than-expected profits at its Trivago and Vrbo brands.

Most of the ADR impact was in North America, which slowed more than Expedia had anticipated, Okerstrom said. ADRs were also impacted in Asia because of macroeconomic factors and geopolitical events.

In recent months, Expedia has been realigning some of its teams. Okerstrom said that likely affected the company's ability to anticipate and react to the factors that affected results this quarter.

But longer term, that realignment is expected to improve both Expedia's operational efficiency and effectiveness, according to the CEO. For instance, several customer-facing functions are being brought closer together to better collaborate and help scale the company's international expansion efforts. Some supplier-facing teams have been brought closer together, as well, to better serve travel partners. Expedia has also realigned many of its technology and product teams to increase collaboration and innovation.

"In spite of the disappointing results, we saw several positives in the quarter," Okerstrom said, pointing to an 11% increase in total stayed room nights, continued share gain in the U.S. and solid supply acquisition.

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