Expedia Withdraws 2020 Adj. EBITDA Outlook Due To Coronavirus Outbreak

(RTTNews) - Expedia Group Inc. (EXPE) said that that it withdrew its full-year 2020 Adjusted EBITDA guidance due to the growing impact from the COVID-19 outbreak and the resulting uncertainty on travel trends.

"As COVID-19 has rapidly spread from Asia to Europe and North America over the past few weeks, travel trends have continued to worsen. It remains difficult to predict how long this pandemic will persist, and given the lack of visibility on our trends we've decided to withdraw our 2020 guidance," said Chairman Barry Diller and Vice Chairman Peter Kern.

The company now expects the negative impact in the first quarter related to COVID-19 to be in excess of the $30 million - $40 million range.

The company said it continue to focus on operating efficiently and remain on track to reach run-rate cost savings of $300 million -$500 million by the end of the year.