Expedia Profit Up as Sales Rise 85%
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Expedia Inc., the largest Internet travel agency, had a second-quarter profit of $19.1 million and increased its forecast for annual sales.
Net income was 29 cents a share, contrasted with a loss of $4.35 million, or 9 cents a share, in the year-earlier period, the company said. Sales rose 85% to $144.9 million.
Revenue for the year will be about 29% greater than an earlier forecast of $450 million as more consumers use the Internet to book reservations, Expedia said.
Expedia’s shares fell $6.48, or 12%, to $48.41 on Nasdaq. The company announced earnings after markets closed.
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