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Orbitz (NYSE:OWW) shares are soaring Wednesday morning on a smaller-than-expected Q1 loss before a special charge.

For the quarter, the online travel agency posted revenue of $188 million, down 17% from $219 million a year ago, and below the Street at $192.5 million. The company posted a loss in the quarter of $336 million, almost all of that - $332 million - due to a non-cash write-down of goodwill and intangible assets. The remaining loss of $4 million would be about 5 cents a share, not as bad as the 16-cent loss the Street had expected.

Gross bookings in the quarter were $2.38 billion, down 17% from a year ago. Adjusted EBITDA totaled $28 million, up 39% from a year ago.

Orbitz said it intends to introduce “a number of new media monetization initiatives” on its Web sites this year. These measures, combined with cost cutting, improved marketing efficiency and an uptick in air volumes since removing booking fees “should enable us to offset most of the impact of the air and hotel fee reductions through the balance of the year,” the company said.

OWW is up 36 cents, or 17.1%, to $2.47.

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Source: Orbitz Q1: Loss Smaller than Forecast