Expedia posted earnings after the bell on Thursday, May 21.
The company said that it was seeing strength in its vacation rental business, VRBO, presumably as Americans plan to vacation after a lot of America was shut down due to the coronavirus pandemic.
“Like all travel companies, Expedia Group suffered a major reduction in business since the onset of COVID-19. Fortunately, we were ahead of the game having implemented cost-savings measures earlier this year, and with the added pressure from COVID-19 we accelerated and expanded our ambition on improving our long-term cost structure,” said CEO Peter Kern. “We also raised significant additional capital, to further strengthen our liquidity position as we navigate this disruption and position the business for recovery.”
“During the depth of the global shutdown we have focused on helping our customers and suppliers through these unprecedented circumstances. Our teams have done exceptional work in an impossible environment, and much of that work, and all the initiatives we have been executing across the company, will continue to provide benefits when we return to more normalized business levels. I am confident we are truly resetting our company and how we do business for the future. While we cannot control how and when travel recovers, we know it will come back, and when it does, we will emerge as a much stronger company,” continued Kern.
Jim Cramer said that he's not interested in any travel company at this point. Watch the video above for more.
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