Expedia Ahead of Benchmark Estimate

Expedia, Inc. EXPE reported accelerating 3Q10 transaction growth of 14% y/y, leading to 17% y/y bookings growth, ahead of Benchmark's estimate. “Net revenue of $988 million, up 16% y/y, topped consensus at $944 million as revenue margins recovered,” Benchmark writes. “OIBA growth of 15% to $294 million exceeded our $287 million estimate despite higher marketing costs. Adjusted EPS of $0.66 was $0.08 ahead of consensus, but included a $0.06 benefit from a lower tax rate.” Expedia currently trades at $28.60.