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Earnings

Expedia swings to quarterly loss as COVID-19 batters demand

(Reuters) - Online travel agency Expedia Inc EXPE.O posted a third straight quarterly loss on Wednesday, hurt by a slump in bookings due to the COVID-19 pandemic.

While demand had picked up after government-mandated restrictions eased, a resurgence in COVID-19 cases across Europe and the United States has once again cast a shadow on the prospects of an already battered travel industry.

Expedia’s third-quarter gross bookings fell 68% to $8.63 billion, and revenue fell 58% to $1.50 billion.

Excluding items, the company posted a loss of 22 cents per share.

Net loss attributable to the company stood at $221 million, or $1.56 per share, in the third quarter ended Sept. 30, compared with a profit of $409 million, or $2.71 per share, a year earlier.

Reporting by Shreyasee Raj in Bengaluru; Editing by Vinay Dwivedi

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