Travel Web site Expedia posted higher-than-expected quarterly profit on increased bookings and a lower tax rate, sending its shares up.
Expedia , the No. 1 U.S. online travel agency, said its fourth-quarter profit rose to $67.1 million, or 20 cents a share, from $25.2 million, or 7 cents a share, a year
Excluding one-time items, the company said income increased to $98.1 million, or 28 cents a share, from $72.7 million, or 20 cents a share a year earlier. On that basis, Wall Street analysts had expected Expedia to earn 24 cents a share.
The company reported bookings amounting to $3.69 billion, a 9% rise over the fourth quarter a year ago. Domestic gross bookings increased 1%, while international gross bookings increased 34%.