Travel firm slashes losses


03-08-2001

Online travel firm Expedia has cut losses from USD 42.

4 million a year ago

to USD 4.4 million.



The company saw fourth quarter earnings top USD 15 million after bookings

soared by 78 per cent. Revenues were up 112 per cent year-on-year to USD 78

million.



Company chief Richard Barton said: 'We continued to gain market share this

quarter thanks to the combination of the best technology and the best travel

offering in the online travel business.'



He added: 'During the quarter, consumers turned to the internet to find

lower rates and better package deals that would keep their vacation plans

and business travel plans intact in spite of a weakening economy.



'When business gets softer for our supplier partners, they turn to those

distributors who can deliver the most customers in the most cost-effective

manner. Our ability to do so has been a triple win for our suppliers, our

customers and our business.'