Earning Alert -Expedia (EXPE) flies higher as growth accelerates; peers (EXPE +18.3% AH. PCLN +1.5%. TRIP +1%. OWW +2.7%. CTRP +1.8%.) also up - 10/30/13

Expedia flies higher as growth accelerates; peers also up

• What a difference a quarter makes: Three months after Expedia (EXPE) crashed due to a Q2 miss caused partly by poor TripAdvisor-related sales and share losses to Priceline's Booking.com unit, shares are taking off in response to a Q3 beat driven by a pickup in revenue growth (+20% vs. +16% in Q2) and gross bookings growth (+15% vs. +13%).
• Excluding Trivago, Q3 revenue growth would be 14%, and Q2 growth 12%.
• Expedia's domestic bookings (56% of total) rose 13% Y/Y in Q3 after growing only 7% in Q2. International bookings +18% vs. +23%. Domestic revenue +12%, international +23%.
• Hotel revenue (73% of total) +11% Y/Y, air revenue (7% of total) +16%, other revenue (inc. ads, 20% of total) +44%, boosted by Trivago.
• Hotel room nights +20% Y/Y vs. +19%. Revenue per hotel room night fell 7% Y/&, and average daily room rates were flat.
• $221M was spent on buybacks. Sales/marketing spend rose 24% Y/Y to $625.3M, as Expedia continues competing fiercely with Priceline and others for Google search keywords.
• EXPE +18.3% AH. PCLN +1.5%. TRIP +1%. OWW +2.7%. CTRP +1.8%.
• Q3 results, PR

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