Expedia profits from rising air and hotel rates

Increased air and hotel bookings helped Expedia achieve better than expected quarterly profits.

The online travel agency giant saw third-quarter net profit rise to $176.6 million compared with $117 million a year earlier.

The total value of bookings rose 17% in the quarter to $6.89 billion. US bookings rose by 16% and international bookings gained 17%.

Gross bookings were driven by a 14% rise in transactions, a 9% rise in average air fares and a 4% rise in hotel average daily rates, the company said.

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