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Expedia Group, the parent company of Vrbo, announced its latest earnings on Thursday, revealing strong financial results for the third quarter, alongside a major leadership change.
Julie Whalen
Chief Financial Officer (CFO) Julie Whalen will step down from her position after five years with the company. She will remain until February 2025 to assist with the transition while Expedia searches for her successor. Whalen has also resigned from Expedia’s Board of Directors, effective immediately.
In a statement, CEO Ariane Gorin expressed gratitude for Whalen’s contributions, “I want to thank Julie for all she has done for Expedia Group as a board member and as CFO over the last five years. We are grateful for her contributions.”
This leadership change comes just a month after Expedia announced the appointment of Ramana Thumu as its new Chief Technology Officer.
Despite the leadership shakeup, Expedia exceeded expectations financially, reporting strong growth in bookings and revenue for the quarter.
The company reported total gross bookings of $27.5 billion, a 7 percent increase, fueled by an 8 percent rise in lodging bookings, which reached $20.7 billion, and a 10 percent increase in its hotel business, Whalen said on the investors call.
Ariane Gorin
Overall, Expedia’s revenue for the quarter rose by 3 percent, reaching $4.1 billion.
Expedia’s net income for Q3 was $684 million, with adjusted net income of $809 million—significant improvements compared to Q2 2024, when net income was $386 million and adjusted income was $469 million.
“Our third quarter results exceeded our expectations on gross bookings and earnings, with revenue landing in-line,” Gorin said in a statement. “We accelerated bookings growth in our consumer business for the second consecutive quarter, and our advertising and B2B businesses continue to deliver strong double-digit growth.”
Vrbo saw a modest increase in bookings, despite the challenges posed by Hurricane Helene.
Total room nights reached 97.4 million, and Brand Expedia saw mid-teens growth this quarter. The company is actively working to improve the Vrbo app’s performance and expand its supply, adding nearly 1 million units that were previously only available through Brand Expedia.
In the B2B segment, Expedia saw a 19 percent year-over-year increase in bookings, with growth in all partner segments and regions. The company introduced new solutions for partners, including activities and ground transport for brands like Hilton, as well as new loyalty capabilities for Alaska Airlines.
Expedia also secured key partnerships and renewals, including long-term agreements with Despegar and Traveloka, and a new collaboration with Canadian bank CIBC, according to Whalen. Last week, Expedia also announced a partnership with Microsoft Bing, further strengthening its B2B leadership.
On the loyalty front, Expedia continues to enhance its One Key program in the U.S. and U.K. This quarter, the company introduced member-only discounts on Vrbo for the first time, yielding positive early results. Additionally, Expedia also expanded its airline redemption options on Brand Expedia.
