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Expedia shares were sharply lower after the travel services company posted lower-than-expected third-quarter profits.
For the quarter, Expedia (ticker: EXPE) reported revenue of $3.56 billion, a bit below the Wall Street consensus of $3.58 billion. Non-GAAP profit of $3.38 a share fell sharply below the consensus forecast of $3.80 a share. Gross bookings were up 9%, to $26.9 billion. Lodging room nights rose 11%. Adjusted earnings before interest, taxes and amortization were flat at $912 million. Operating income was down...