Expedia is planning a shift in its marketing approach after admitting its first quarter performance was far below expectations.
The online company said it had spent more to boost long-term growth, but had not earned enough revenue to offset the extra costs.
It reported net income of $23.3 million, or 6 cents a share, compared with $48 million or 14 cents a share a year ago.
“Needless to say we are disappointed with our financial performance this quarter, and we are focused on tactical actions, including a shift of our marketing approach, to drive improvement in our results for the balance of the year,” said CEO and president Dara Khosrowshahi.
By Bev Fearis
