Shares of Expedia Group Inc. fell. rose 13% in the extended session on Thursday, as investors appeared nervous about the CEO change and looked beyond the online travel company's quarterly debacle.
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It earned $132 million, or 92 cents per share, in the fourth quarter, compared to $177 million, or $1.11 per share, in the same period last year.
Adjusting for one-time items, the company earned $1.72 per share. Revenue rose 10% to $2.89 billion. Analysts surveyed by FactSet expected adjusted EPS of $1.67 on revenue of $2.87 billion.
“We achieved our full-year guidance and delivered record results, all while completing a massive turnaround and navigating the inherent volatility that comes with it,” CEO Peter Kern said in a statement. “Our work is finally starting to deliver results, and we are in the best place we have ever been technologically.”
However, in a separate press release, Expedia said Kern has been replaced by Ariane Goren, who has held several executive roles at Expedia since 2013 and most recently served as president of Expedia for Business.
The appointment is effective May 13, the company said. Kern has served as CEO of Expedia since 2020 and will remain a member of the board of directors and vice president of the company “to ensure a smooth transition,” Expedia said.
Expedia shares ended the regular trading day Thursday up 3.3%. The stock is up 33% over the past 12 months, compared with a 21% advance for the S&P 500 SPX in the same period.
