Last week was earnings release week for three of the major online travel platforms – Expedia Group, Booking Holdings and Tripavisor. This week’s Update includes transcripts from the three platforms’ earnings calls as well as several leading industry perspectives on the platforms’ recent quarterly performance. Enjoy.
A few immediate takeaways from two of last week’s earnings’ releases…
("Expedia Group Q2 revenue tops $2B driven by U.S. hotel and vacation rental bookings,” August 6, 2021 via Phocus Wire) (“Expedia Awaits Comeback of International Travel to Solidify Market Share Gains,” August 5, 2021 via Skift Travel News) (subscription may be required)
("Booking Holdings hits $22B in bookings as latest quarter rides recovery," August 4, 2021 via Phocus Wire)
Booking Holdings Sees Connected Trip Strategy as Critical for Post-Crisis Growth
August 6, 2021 via Skift (subscription may be required)
The world’s travelers may not all be for the taking by Booking Holdings. The $86 billion Connecticut-based conglomerate calls itself the “world’s leading provider of online travel and related services.” But the company still has work to do on its machinery for taking the customers it has and cross-selling them with multiple products — so called connected trips.
Tripadvisor Hits $235M revenue, Beats Internal Expectations
August 6, 2021 via Phocus Wire
Tripadvisor is crediting increasing numbers of vaccinations and reopenings in many markets around the world for a major jump in revenue in the second quarter of 2021.
Tripadvisor Finetunes Its Subscription Travel Bet
August 6, 2021 via Skift Travel News (subscription may be required)
Tripadvisor has spent the pandemic changing its tune, metaphorically speaking. For years, the Massachusetts-based company run by co-founder and CEO Stephen Kaufer sang the praises of a model where consumers could read reviews of travel services and then either click away to book them or else book instantly through its site and app. Now the $5 billion company has moved away from trying to draw the largest audiences possible to instead woo its most loyal fans into coughing up money for exclusive discounts and perks on travel.
Google Launches Attractions Tickets Globally on Mobile
July 30, 2021 via Skift (subscription may be required)
Google has taken a major step into the tours and activities space, and rolled out a tickets feature for local attractions around the world on mobile devices.
Southwest Lawsuit Alleges Skiplagged and Kiwi Collude to Deceive Flyers
August 3, 2021 via Skift (subscription may be required)
Citing multiple flight delays because of the sale of “hidden city tickets,” Southwest Airlines filed a federal lawsuit against New York-based Skiplagged, and alleged that it works “in concert” with Czech-based online travel agency Kiwi.com to deceive the public and illegally use the airline’s fare information.
Vietnamese Tech Conglomerate, OTA Operator Raises $250 Million
August 2, 2021 via Phocus Wire
Vietnam-based VNLife, a technology company that operates in travel, banking, retail and more, has raised $250 million in Series B funding. The round is led by General Atlantic and Dragoneer Investment Group, with participation from PayPal Ventures, EDBI and existing investors GIC and SoftBank Vision Fund 1.