Live news: Travel groups Expedia and Booking report strong sales as demand jumps

Travel groups Expedia and Booking Holdings said there was strong demand for accommodations in the first three months of 2023, with both companies notching record sales figures.

Expedia reported $2.7bn in revenues, its highest for a first quarter and an 18 per cent improvement on the comparable period in 2022.

Booking said its gross bookings — the total value of services booked — reached $39.4bn, a 44 per cent year-on-year increase.

Both companies slightly topped analysts’ revenue expectations while underperforming on earnings per share.

Expedia said: “The first quarter saw strong travel demand driven by increasing international travel, major city travel, and the reopening in Asia.”