"Expedia's Stock Plummets as 2024 Revenue Forecast Dips Due to Declining Air Fares"
Expedia Group's shares plummeted 18% after warning of a slowdown in 2024 revenue growth due to softening air fares post-pandemic, with CEO Peter Kern stepping down and being replaced by Ariane Gorin. The company's first-quarter guidance fell short of investor expectations, with gross bookings and revenue growth expected to be in the low- to mid-single digits range. Despite this, Expedia reported a better-than-expected adjusted profit of $1.72 per share, driven by resilient holiday season demand, but its shares trade at a lower forward profit estimate multiple compared to rival Booking Holdings.