Shares of Expedia(EXPE Quote) were among the Nasdaq's losers Friday, tumbling 24% after the online travel site posted first-quarter results that were well below Wall Street's forecast.
The company earned $23.3 million, or 6 cents a share, on revenue of $493.9 million. Excluding items, the company earned $57 million, or 15 cents a share. Analysts polled by Thomson First Call expected earnings of 22 cents a share on revenue of $543.8 million. A year earlier, Expedia recorded adjusted earnings of $93 million, or 27 cents a share, on revenue of $485 million.
"While we anticipated negative growth in the first half of 2006, our performance this quarter was far below those expectations," the company said. "We increased costs in many sectors -- necessary, we believe, for our long-term growth -- but didn't generate the revenues to offset the increased expenses." Shares were trading down $4.67 to $14.99. ...
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