Summary by Futu AI
Expedia Group reported Q2 2024 revenue of $3.56 billion, up 6% year-over-year, with net income of $386 million. The company's B2B segment demonstrated robust growth with revenue increasing 22% to $1.05 billion, while B2C revenue grew modestly by 1% to $2.43 billion. Total lodging revenue, which accounts for 80% of total revenue, rose 6% on a 10% increase in room nights.Operating income increased 2% to $451 million despite $18 million in restructuring charges and a $30 million digital services tax charge from Canada. The company maintained strong liquidity with $6.3 billion in cash and short-term investments, while generating $4.38 billion in operating cash flow during the first half of 2024. Cost optimization efforts resulted in an 11% reduction in cost of revenue.Management continued its shareholder return program, repurchasing 8.1 million shares for $1.1 billion under the new $5 billion authorization announced in October 2023. The company expects normalized travel demand to persist and projects additional reorganization charges of $10-20 million for the remainder of 2024 as it completes its technological transformation initiatives.
