Online travel booking site Orbitz (OWW) is soaring Wednesday morning, up 79 cents, or 21%, at $4.52 after the company reported Q2 sales that were in line with estimates and a profit per share where a loss had been expected.
Net revenue fell 19%, year over year, the company reported, to $188 million, in line with analysts’ estimates. Profit per share of 12 cents is in striking contrast to the 6-cent loss per share expected. Although gross bookings were down 12%, year over year, they were up 22% from Q1, the company noted. The company saw better returns from its online marketing effort, it reported. That, and cost cuts initiated last year, resulted in adjusted Ebitda of $45 million, up 23%.
For example, marketing expenses fell 34% as the company relied less on search engines to bring in buyers and made an effort to attract more non-paid traffic.
The conference call with analysts is currently going on, and you can catch it here.