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Oct 25 (Reuters) - Expedia Group Inc's quarterly profit beat Wall Street estimates on Thursday, as an improving global economy boosts travel demand and drives more customers to its holiday-booking websites.
Expedia shares rose 8.5 percent in extended trading following the news.
The Bellevue, Washington-based company, which runs an eponymous website as well as brands including Hotels.com and Hotwire, said the value of bookings on its platforms rose 11 percent during the third quarter ended September.
HomeAway, Expedia's vacation rental business that competes with Airbnb, saw the dollar value of its bookings jump 24 percent.
Expedia, which has grown through a string of acquisitions, is spending millions of dollars to migrate to cloud computing systems to cut costs and better compete with rivals such as Booking Holdings.
Net income attributable to Expedia rose to $525 million or $3.43 per share in the quarter ended Sept. 30, from $352 million or $2.23 per share a year earlier.
Excluding one-time items, the company earned $3.65 per share, topping Wall Street expectations of $3.12, according to Refinitiv data. (https://bit.ly/2z7ybNI)
Revenue climbed to $3.28 billion, above estimates of $3.30 billion. (Reporting by Arunima Banerjee in Bengaluru; Editing by Anil D'Silva and Sai Sachin Ravikumar)