Opinion, BusinessWeek: Recession treats Priceline, Expedia differently
A worldwide drop in travel spending is splitting the fortunes of two major online travel companies, with Expedia reporting a $3 billion write-down and weak revenue Thursday as its smaller rival Priceline.com benefits from a surge in bargain-hunting. Online travel company Expedia Inc. reported a loss of $2.76 billion, or $9.60 per share, in its fourth quarter, which ended Dec. 31. It wrote down the value of its goodwill and other intangible assets after a sharp drop in the company’s stock price. Priceline, on the other hand, beat Wall Street’s expectations, reporting that earnings for the quarter ended Dec. 31 were 1 percent higher than a year earlier, at $33.3 million, or 73 cents per share.

