EXPEDIA (=) : Corporate Contact: Trends Remain Stable Amid Macro Concerns, AI Concerns Less in Focus

研报英文原文证据摘录

EXPEDIA (=) : Corporate Contact: Trends Remain Stable Amid Macro Concerns, AI Concerns Less in Focus

EQUITIES

INTERNET & MEDIA

EXPEDIA NEUTRALPRICE* USD223.0  TARGET PRICE USD260 (UPSIDE 17%)

FLASH NOTE

Corporate Contact: Trends Remain Stable Amid Macro Concerns, AI

Concerns Less in Focus

27 MAY 2026 Securities Research Report Production time: 00:12* (London time)

Research Analyst & Publishing Entities

Nick Jones BNP Paribas Securities Corp (1) +1 (929) 742-0211 nick.2.jones@us.bnpparibas.com

We caught up with Expedia’s IR team on May 26. The company did not provide updates to guidance during the

discussion.

Stable macro environment

Expedia commented that macro discussion took the center stage in the investor discussions. While the company

monitors macro trends closely, it did not provide any updates. Instead, the company pointed out that bookings improved

in April from March and several credit card companies saw stable macro trends. Further, the company noted that outside

of significant events such as 9/11 and Covid, travel industry has been resilient to macro headwinds over time.

AI disruption conversations took a back seat

AI disruption discussion has subsided from the prior quarter with investors increasingly focusing on fundamentals.

Management believes that AI provides tailwinds to their business, even though it may bring some uncertainties. AI not

only improves internal operating efficiency but also introduces a new way to attract new customers and helps diversify

away from Google, which could bring in a lot of opportunities. In designing its own AI agents, Expedia currently favors

point solutions, whereby multiple agents separate booking flows from search and customer service flows, etc. Expedia

finds these point solutions generate more user engagement today.