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☆ American Airlines earnings outlook disappoints, shares fall
▼ + stars: | 2023-07-20 | by ( Shivansh Tiwary | ) www.reuters.com time to read: +1 min

July 20 (Reuters) - Shares of American Airlines (AAL.O) fell on Thursday as its outlook for the second half of the year disappointed investors even as the company lifted its full-year profit forecast and posted higher-than-expected quarterly earnings. American forecast adjusted profit of $3.00 to $3.75 per share for 2023 compared with its prior outlook of $2.50 to $3.50 per share. But some analysts said the outlook suggested a slowdown in the company's earnings in the second half compared with the first six months of the year. American's revenue forecast also suggested airline ticket prices for domestic travel have peaked, fueling worries about the company's ability to offset cost pressure. Adjusted earnings for the second quarter came in at $1.92 per share, above analysts' consensus earnings estimate of $1.59, according to a Refinitiv survey.

Persons: Stephen Trent, American's, Robert Isom, Shivansh, Arun Koyyur, Stephen Coates Organizations: American Airlines, Citi, United Airlines, Thomson Locations: Bengaluru

☆ Carvana shares surge on plans to cut debt load
▼ + stars: | 2023-07-19 | by ( Nathan Gomes | ) www.reuters.com time to read: +4 min

Companies Carvana Co FollowJuly 19 (Reuters) - Carvana (CVNA.N) shares soared as much as 43% on Wednesday after the troubled used-car retailer struck a deal with most of its term bondholders to cut its outstanding debt by more than $1 billion. Carvana had long-term debt of $6.54 billion as of June end, relatively unchanged from a year earlier. But Carvana has been struggling to sell cars acquired at elevated prices as buyers, hit by inflation and worried about a recession, cut spending. Carvana shares have lost 87% of their value in the past two years. In premarket trading on Wednesday, Carvana's shares rose as high as $57, in what traders said looked like a short squeeze.

Persons: John Zito, Carvana, Ernest Garcia's, Carvana's, Ortex, they're, Dennis Dick, Nathan Gomes, Bansari Mayur, Shivansh, Raechel, Medha Singh, Sriraj Kalluvila, Saumyadeb Chakrabarty, Anil D'Silva Organizations: Triple D, Carvana, Thomson Locations: Bengaluru

☆ Japan's Nissan to adopt Tesla EV-charging design from 2025 in U.S., Canada
▼ + stars: | 2023-07-19 | by ( ) www.reuters.com time to read: +1 min

July 19 (Reuters) - Nissan (7201.T) on Wednesday became the first Japanese automaker to agree to adopt Tesla's (TSLA.O) electric-vehicle charging technology in the U.S. and Canada, joining global peers in expanding their fast-charger network to boost EV adoption. Starting in 2025, Nissan will equip its EVs with the Tesla-developed North American Charging Standard (NACS) port, as it targets 40% of U.S. vehicle sales to be fully electric by 2030, the company said. The White House has said electric-vehicle charging stations using Tesla-standard plugs would be eligible for billions of dollars in federal subsidies as long as they included the U.S. charging standard connection, CCS, as well. From 2024, Nissan will provide NACS charging adapters with its Ariya EV models currently equipped with CCS to enable them to charge on Tesla's Supercharger network. Reporting by Shivansh Tiwary in Bengaluru; Editing by Devika SyamnathOur Standards: The Thomson Reuters Trust Principles.

Persons: Biden, Shivansh, Devika Organizations: Nissan, Wednesday, Ford, General Motors, CCS, U.S . Department of Energy, Thomson Locations: U.S, Canada, United States, Bengaluru

☆ Ford slashes prices of F-150 Lightning trucks as EV price war heats up
▼ + stars: | 2023-07-17 | by ( ) www.reuters.com time to read: +2 min

July 17 (Reuters) - Ford Motor (F.N) deepened a price war in the electric-vehicle industry on Monday by slashing the prices of its F-150 Lightning trucks, including a 17% cut for the base model, as it aims to boost its share of an EV market dominated by Tesla (TSLA.O). The Detroit automaker, which had raised Lightning prices earlier this year, said it was able to cut prices on improvements in scale and battery raw material costs. The move comes amid a price war started by Tesla a few months ago, which has seen the EVs of legacy automakers piling up at dealers as sales slow. Ford also said it has temporarily closed its Rouge Electric Vehicle Center in Michigan to complete final plant upgrades as it aims to triple the facility's annual run rate to 150,000 Lightning trucks, beginning this fall. Battery raw material prices have been one of the factors that pushed up EV prices.

Persons: Tesla, Marin Gjaja, We've, Ford, Nathan Gomes, Shivansh, Pooja Desai Organizations: Ford, Tesla, General, Rivian, Detroit, Reuters Graphics, Electric Vehicle Center, EV, Thomson Locations: Austin, Michigan, Bengaluru

☆ Delta Air forecasts stronger earnings on post-pandemic travel boom
▼ + stars: | 2023-07-13 | by ( Rajesh Kumar Singh | ) www.reuters.com time to read: +3 min

The carrier's shares rose 4% before the bell as the raised forecast and record earnings fueled optimism about travel demand despite high inflation. Shares of rivals American Airlines (AAL.O), United Airlines (UAL.O) and Southwest Airlines (LUV.N) were also up about 2% each. Delta said it now expects adjusted earnings of $6-$7 per share this year, compared with its previous forecast of $5-$6 per share. It reported an adjusted profit of $2.68 per share for the second quarter, above the average analyst estimate of $2.40. Delta's total revenue per seat mile (TRASM), a proxy for pricing power, was up 1% in the second quarter from a year ago despite a 17% jump in capacity.

Persons: Ed Bastian, Bastian, Rajesh Kumar Singh, Shivansh, Leslie Adler, Maju Samuel Organizations: Delta Air Lines, American Airlines, United Airlines, Southwest Airlines, Labor, Reuters, Delta, Thomson Locations: Bengaluru

☆ Mercedes-Benz picks Tesla's charging standard for North America EVs from 2025
▼ + stars: | 2023-07-07 | by ( ) www.reuters.com time to read: +1 min

The company joins American rivals Ford (F.N) and General Motors (GM.N) to adopt the North American Charging Standard (NACS) as they try to expand their network of fast-chargers in an attempt to make owning EVs easier. Mercedes-Benz will be the first German automaker to sign up for Tesla's charging design for its North American customers. Mercedes-Benz will initially offer an adapter that would help its existing EVs with the Combined Charging System in North America to charge on the NACS network from 2024. It also plans to simultaneously expand its charging network with more than 400 charging hubs, including over 2,500 high-power chargers in North America by the end of the decade. Tesla, meanwhile, has expanded beyond its connectors to include CCS at some of its U.S. charging stations as the Biden administration seeks to provide billions in subsidies to expand charging networks.

Persons: Tesla, Biden, Shivansh, Arun Koyyur Organizations: Benz, Ford, General Motors, American, Mercedes, North, Volkswagen, CCS, U.S . Department of Energy, Thomson Locations: North America, United States, Bengaluru

☆ US new vehicle sales rise on strong demand, better supply
▼ + stars: | 2023-07-05 | by ( Pratyush Thakur | ) www.reuters.com time to read: +2 min

Vehicle production took a hit after the pandemic disrupted supply of semiconductor chips and other raw materials, hurting automakers' ability to meet the upsurge in demand for cars, trucks and SUVs. Toyota Motor's (7203.T) North America unit reported a 7.13% rise in U.S. sales to 568,962 units for the quarter ended June. Auto giant General Motors (GM.N), however, surpassed Toyota in the quarter, with a near 19% rise to 691,978 units in the United States. Earlier in the week, FCA US, a unit of Stellantis (STLAM.MI), reported a 6% increase in total U.S. sales. Power and GlobalData estimate total U.S. auto sales to reach 4,116,600 units in the quarter ended June, up 18.2% from a year earlier.

Persons: Cox, Jonathan Smoke, Toyota Motor's, J.D, Pratyush Thakur, Shivansh, Pooja Desai, Shilpi Majumdar Organizations: Toyota, Auto, General Motors, FCA, Tesla Inc, Thomson Locations: United States, America, Bengaluru

☆ Delta lifts profit view on strong travel demand, lower fuel costs
▼ + stars: | 2023-06-27 | by ( Rajesh Kumar Singh | ) www.reuters.com time to read: +2 min

CHICAGO, June 27 (Reuters) - Delta Air Lines (DAL.N) said on Tuesday it expects full-year profit per share at the high-end of its prior forecast on sustained travel demand. Shares rose about 1% in premarket trading as the Atlanta-based carrier also lifted its expectation for annual free cash flow ahead of its investor day. But with no let-up in travel demand, mainly for overseas trips and a moderation in fuel costs, analysts have revised upwards Delta's profit estimates. In a sign of growing confidence in its ability to generate free cash flow, Delta this month reinstated its quarterly dividend, which it had suspended in March 2020 during the pandemic. The company raised its free cash flow outlook for 2023 to $3 billion compared to more than $2 billion that it had forecast earlier.

Persons: Daniel McKenzie, Stephen Trent, Rajesh Kumar Singh, Shivansh, Jamie Freed, Arun Koyyur Organizations: Delta Air Lines, Delta, Seaport Research Partners, Citi, Thomson Locations: Atlanta, U.S, North America

☆ Booking.com to launch trip planner partially powered by tech behind ChatGPT
▼ + stars: | 2023-06-27 | by ( ) www.reuters.com time to read: +1 min

June 27 (Reuters) - Booking.com (BKNG.O) said on Tuesday it would test a trip planner, partially powered by ChatGPT's large language model, on its travel booking app that would allow select travelers in the U.S. to pose queries and create itineraries. "Our new AI Trip Planner provides us with some really exciting possibilities to help our customers plan and search for travel options in a very natural, human way," Booking.com's technology chief Rob Francis said in a statement. The technology, known as generative AI, has taken the tech world by storm and pushed many companies to explore its uses. An early version of the trip planner will become available to some of Booking.com's loyalty program "Genius" members in the United States over the coming weeks. Reporting by Priyamvada C and Shivansh Tiwary in Bengaluru; Editing by Shilpi MajumdarOur Standards: The Thomson Reuters Trust Principles.

Persons: Rob Francis, Expedia, Priyamvada, Shilpi Majumdar Organizations: Thomson Locations: U.S, San Francisco, United States, Bengaluru

☆ Spirit AeroSystems to halt Wichita plant as workers vote to strike
▼ + stars: | 2023-06-22 | by ( ) www.reuters.com time to read: +3 min

Spirit will suspend factory production prior to the expiration of its contract with the International Association of Machinists and Aerospace Workers (IAM) which ends on June 24, it said. "We are disappointed that our employees represented by the IAM rejected our four-year contract offer and voted to strike," Spirit said. However, workers not represented by union should report to work on Thursday, it added. Workers at the plant, which makes critical structures for Boeing (BA.N) jetliners, will go on strike on Saturday, after rejecting a proposed four-year deal on Wednesday night, the IAM said. "The IAM's dedicated and hardworking membership at Spirit AeroSystems has worked without fail during tumultuous times, including a pandemic that saw everything grind to a halt.

Persons: AeroSystems, Valerie Insinna, Abinaya, Shivansh, Gerry Doyle, Jason Neely Organizations: IAM, Saturday Plant, Boeing, International Association of Machinists, Aerospace Workers, Workers, Spirit, Airbus, Thomson Locations: Wichita , Kansas, Wichita, Washington, Bengaluru

Spirit will suspend factory production prior to the expiration of its contract with the International Association of Machinists and Aerospace Workers (IAM) on June 24, it said. "We are disappointed that our employees represented by the IAM rejected our four-year contract offer and voted to strike," Spirit said. Although IAM and Spirit reached a tentative contract agreement last week, workers voted to reject the deal and strike. In May, Boeing CEO Dave Calhoun said it would be difficult to make contingency plans for a strike at Spirit. Starting on June 22, all IAM-represented employees will not report for work but will receive pay for their regularly scheduled work hours, Spirit said.

Persons: AeroSystems, Dave Calhoun, Valerie Insinna, Abinaya, Jason Neely, Mark Potter Organizations: IAM, Saturday Plant, Boeing, PARIS, Airbus, International Association of Machinists, Aerospace Workers, Spirit, Thomson Locations: Wichita , Kansas, Wichita

☆ Ball Corp considers options for aerospace unit
▼ + stars: | 2023-06-20 | by ( ) www.reuters.com time to read: 1 min

June 20 (Reuters) - Ball Corp (BALL.N), the world's largest supplier of beer cans, said on Tuesday it was considering options for its aerospace business, days after a report said the company was looking to sell the unit for more than $5 billion. The business has attracted the interest of large defense companies such as BAE Systems (BAES.L) and Textron (TXT.N), as well as private equity firms, the Reuters report had said. There is no certainty that any formal decision will be made, Ball Corp said in a statement on Tuesday. The divestment of the aerospace business, which accounted for 13% of Ball's consolidated net sales in 2022, would allow the company to focus more on its beverage packaging operations and trim its debt pile of about $9.7 billion. Reporting by Shivansh Tiwary in Bengaluru; Editing by Shinjini GanguliOur Standards: The Thomson Reuters Trust Principles.

Persons: Shivansh, Shinjini Organizations: Ball Corp, BAE Systems, Textron, Reuters, Thomson Locations: Bengaluru

LOS ANGELES, June 16 (Reuters) - United Parcel Service (UPS) (UPS.N) union employees have voted overwhelmingly to authorize a strike should contract talks break down after the current agreement ends in two weeks, the International Brotherhood of Teamsters said on Friday. The vote is a standard practice in union contract campaigns designed to give leverage to the union representing some 340,000 UPS workers. Tancredi, a partner at consultancy West Monroe, said interdependence between the Teamsters and UPS reduces strike risk. "They get what they pay for," Schreiner said of UPS adding that company delivery drivers, who make about $150,000 annually including base pay and benefits before overtime, "earn it." UPS shares fell as much as 1.5% after the news but quickly pared losses to trade down 0.6% in midday trade.

Persons: Sean O'Brien, Jeremy Tancredi, Tancredi, Rikki Schreiner, Schreiner, Lisa Baertlein, Shivansh, Jamie Freed Organizations: United Parcel Service, International Brotherhood of Teamsters, Teamsters, UPS, West, Reuters, FedEx, Thomson Locations: ANGELES, West Monroe, Eagan , Minnesota, Los Angeles, Bangalore

☆ Ford CFO sees supply disruptions easing, retail prices softening
▼ + stars: | 2023-06-15 | by ( ) www.reuters.com time to read: +2 min

June 15 (Reuters) - Supply-chain disruptions are easing as retail prices for vehicles are softening, a top Ford Motor (F.N) executive said on Thursday. Lawler said Ford's recent decision to join Tesla's EV charging network will not require additional capital investment on Ford's part. Owners of Ford electric vehicles will gain access to more than 12,000 Tesla Superchargers in North America, starting in early 2024. General Motors (GM.N) last week followed Ford's lead in joining the Tesla charging network. Lawler said Ford sees continued strength and growth in its combustion vehicles "for the next few years" as it ramps up investment in and production of electric vehicles.

Persons: John Lawler, it's, Lawler, Tesla, Ford's, Ford, Tesla's, Shivansh, Paul Lienert, Joseph White, Matthew Lewis Organizations: Ford, Deutsche Bank, company's Ford Pro, EV, General Motors, New York Stock Exchange, Thomson Locations: North America, Bengaluru, Detroit

☆ GM to invest more than $500 mln in Texas plant for future SUVs
▼ + stars: | 2023-06-08 | by ( David Shepardson | ) www.reuters.com time to read: +2 min

Companies General Motors Co FollowJune 8 (Reuters) - General Motors (GM.N) said Thursday it will invest more than $500 million in its Arlington, Texas assembly plant to prepare it for production of next-generation internal combustion engine full-size SUVs. Efforts to retool existing North American auto plants and introduce more efficient next-generation internal combustion models are also being planned, sources told Reuters. GM faces increasingly stringent emissions requirements from California and the Environmental Protection Agency (EPA). On Tuesday, GM said it would invest C$280 million ($210 million) in its Canadian Oshawa Assembly to produce the next-generation internal combustion engine full-size trucks. GM faces pressure from the United Auto Workers union, which will enter contract talks with the Detroit Three automakers this summer.

Persons: Mary Barra, Gerald Johnson, David Shepardson, Shivansh, Shilpi Majumdar, Diane Craft Organizations: General Motors, Detroit, Reuters, GM, Environmental Protection Agency, Chevrolet Tahoe, Suburban, Canadian Oshawa Assembly, EPA, Michigan, Capitol, United Auto Workers union, Detroit Three, UAW, Thomson Locations: Arlington , Texas, California, Flint , Michigan, Texas, Washington, Bengaluru

DETROIT, June 2 (Reuters) - General Motors Co (GM.N) Chief Executive Mary Barra had a message on Friday for investors and rivals who see no profitable future in autonomous vehicles: You're wrong. That target assumes deployment of Cruise technology and services outside the United States - Dubai and Japan are among the future markets - as well as expansion into goods delivery and personal autonomous vehicles, Barra said. Rivals, including Ford Motor Co (F.N) and Volkswagen AG (VOWG_p.DE), have pulled the plug on autonomous vehicle efforts as losses mounted. Barra said those states have a more welcoming regulatory environment for self-driving vehicles. GM has petitioned U.S. vehicle safety regulators to deploy up to 2,500 of its Origin vehicles, which have subway-like doors and no steering wheel.

Persons: Mary Barra, Barra, Sanford Bernstein, Cruise, Joe White, Tiwary, David Shepardson, David Holmes Organizations: DETROIT, General Motors Co, Cruise, GM, Rivals, Ford Motor, Volkswagen AG, Traffic Safety Administration, NHTSA, Chevrolet, Cadillac, Tesla Inc, EV, Thomson Locations: GM's, United States, Dubai, Japan, San Francisco, Arizona and Texas, Washington, U.S, China

☆ Stratasys receives $1.21 bln unsolicited buyout proposal from 3D Systems
▼ + stars: | 2023-06-02 | by ( ) www.reuters.com time to read: +1 min

June 2 (Reuters) - Stratasys Ltd (SSYS.O) said on Thursday that it had received an unsolicited buyout proposal from rival 3D Systems Corp (DDD.N), valuing the industrial 3D printer at about $1.21 billion. Stratasys shares were up 10.1% at $16.04, while 3D Systems was up 2.6% at $8.55 in premarket trading on Friday. 3D Systems has proposed to acquire Stratasys for $7.50 in cash and 1.2507 of its newly issued stock for each share of the target company, which translates to $17.92 on a per-share basis. Stratasys said its board would "carefully review" the newly received non-binding proposal, adding that the Desktop Metal deal is still expected to close in the fourth quarter of this year. 3D Systems on Friday confirmed its bid for Stratasys and said that if the deal goes through, it will bring $100 million in cost synergies.

Persons: Stratasys, Jaiveer Singh, Shilpi Majumdar, Anil D'Silva, Shounak Organizations: Stratasys, 3D Systems Corp, Systems, Metal Inc, Thomson Locations: Rehovot, Israel, Bengaluru

May 31 (Reuters) - Electric vehicles may not reach cost parity with internal combustion engine vehicles until after 2030, Ford (F.N) Chief Executive Jim Farley said on Wednesday. He also predicted lower distribution costs from selling EVs online, as well as higher revenue from new software-driven digital services. Farley said Ford's software services business now has 600,000 subscribers, triple the number of a year ago. As the company expands its ability to harvest data from vehicles and drivers, offering insurance could be "a natural for Ford," he said. "Cooperation is essential," he said, especially for companies that may not have the resources to build out a full EV ecosystem.

Persons: Jim Farley, Farley, EVs, Shivansh, Paul Lienert, Kirsten Donovan Organizations: Ford, ICE, Ford Pro, EV, Thomson Locations: Bengaluru, Detroit

☆ American Airlines raises second-quarter profit outlook on lower fuel costs
▼ + stars: | 2023-05-31 | by ( ) www.reuters.com time to read: +1 min

May 31 (Reuters) - American Airlines Group Inc (AAL.O) on Wednesday raised its forecast for second-quarter profit on lower jet fuel costs and high travel demand. Travel demand has stayed strong even amid worries of a looming recession, with travel during the Memorial Day weekend topping 2019 pre-COVID levels for the first time. American Airlines Group forecast second-quarter adjusted profit in the range of about $1.45 to $1.65 per share, compared with its previous outlook of about $1.20 to $1.40 per share. The company expects average fuel price per gallon, including taxes, to be about $2.55 to $2.65 in the second quarter, down from its previous estimate of about $2.65 to $2.75. Reporting by Shivansh Tiwary in Bengaluru; Editing by Savio D'Souza and Shounak DasguptaOur Standards: The Thomson Reuters Trust Principles.

Persons: Shivansh, Savio D'Souza, Shounak Organizations: American Airlines Group Inc, American Airlines Group, Thomson Locations: Bengaluru

[1/2] A Tesla vehicle is charged at a Tesla supercharging station in Kettleman City, California, U.S., January 25, 2023. REUTERS/Mike Blake/File PhotoMay 26 (Reuters) - Ford Motor Co (F.N) shares jumped by more than 7% on Friday after the No. 2 U.S. automaker announced a deal allowing its electric-vehicle owners to access rival Tesla Inc's (TSLA.O) charging stations in North America. Ford shares were up 7.6% at $12.25 in afternoon trade, while Tesla shares rose 7.5% to $197.95. U.S. Transportation Secretary Pete Buttigieg praised the Ford-Tesla deal, but told CNBC that the Biden administration would not dictate an EV charging standard.

☆ How Americans plan to travel this Memorial Day
▼ + stars: | 2023-05-26 | by ( ) www.reuters.com time to read: +2 min

May 26 (Reuters) - The upcoming Memorial Day weekend is expected to see millions of Americans travel despite tight budgets, kicking off the busy summer travel in the U.S on a high note. Here's how the Memorial Day travel might look like:ROADTRIPS** Cheaper gas is pushing more Americans to consider road travel as an alternative. ** About 37.1 million Americans are expected to drive down to their destinations this Memorial Day, a 6% increase compared to 2022, according to data from travel group AAA. ** Car rental prices are down 17% compared to Memorial Day Weekend last year, travel booking website Hopper says. FLIGHTS** 3.4 million travelers are expected to take a flight for the upcoming Memorial Day weekend, an 11% increase year-over-year - AAA.

☆ Germany air taxi firm Lilium plans to raise $250 mln, shares jump
▼ + stars: | 2023-05-02 | by ( ) www.reuters.com time to read: +1 min

Tencent-affiliate Aceville Pte Ltd will get 184.2 million Lilium warrants worth $1 per Class A share, Lilium said. Lilium did not disclose the valuation at which it planned to raise the funds. The company had a market capitalisation of $152.43 million as of the close of trade on Monday, according to Refinitiv data. Lilium is competing in a crowded market for eVTOL vehicles, hoping to replace cars with aircraft or helicopters for road trips or short hops. It had about $157.5 million of cash, cash equivalents and other financial assets as of March 31.

April 18 (Reuters) - U.S. weapons maker Lockheed Martin Corp's (LMT.N) first-quarter results surpassed Wall Street targets on Tuesday despite parts and labor shortages, as simmering geopolitical tensions fueled demand from both U.S. and international customers. Shares of the company rose as much as 3.8% to hit a record high of $508.1 in early trading. The Pentagon's $858 billion defense budget for 2023 has also resulted in multiple contract wins for U.S. defense firms such as Lockheed, Raytheon Technologies (RTX.N) and Northrop Grumman Corp (NOC.N), which count the U.S. Department of Defense as their biggest customer. Lockheed's order backlog also fell to $145.1 billion as of quarter-end from $150 billion at the end of 2022. The missiles maker reaffirmed its full-year outlook, projecting net sales in the range of about $65 billion to $66 billion and profits between $26.60 and $26.90 per share.

☆ Moody's downgrades Ukraine rating on prolonged effects of Russia war
▼ + stars: | 2023-02-10 | by ( ) www.reuters.com time to read: +1 min

Feb 10 (Reuters) - Global ratings agency Moody's downgraded Ukraine's sovereign rating to 'Ca' from 'Caa3' on Friday, as it expects the war with Russia to create long-lasting challenges for the country. The Moody's downgrade comes amid a new Russian offensive ahead of the first anniversary of the war that started on Feb. 24, with Russia hitting Ukraine's power grid and gaining ground in the east. The agency said challenges arising out of the ongoing war increase the risk to the country's debt sustainability. "Despite large financial support from international partners, Moody's expects that the war will continue to keep Ukraine's public finances and external position under severe pressure," the ratings agency said. Ratings agencies Fitch and S&P currently rate Ukraine at 'CC' and 'CCC+', respectively.

Feb 9 (Reuters) - Online travel booking company Expedia Group Inc (EXPE.O) missed Wall Street estimates for fourth-quarter profit on Thursday, hit by a spike in cancellations and bad weather near the end of the quarter. Travel demand has generally been strong throughout last year despite recession and inflation fears. Expedia posted revenue of $2.62 billion, missing Wall Street estimates of $2.7 billion. The company's quarterly adjusted profit was $1.26 per share, short of analysts' expectations of $1.67 per share, according to Refinitiv data. "They said last quarter that they're seeing evidence that they're getting better marketing ROI-wise, but it's not coming through in the numbers for us," he added.

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