Expedia Group saw major growth in its vacation rental business HomeAway and higher travel bookings in the third quarter. Lodging revenue increased 12%.
Expedia said customers spent 24 percent more on HomeAway bookings and that the business, which competes with Airbnb, is headed for strong revenue and profit growth this year.
The company, which has grown through a string of acquisitions, is aggressively investing to migrate to cloud computing systems to cut costs and improve marketing to better compete with rivals like Booking Holdings.
Expedia Group's global lodging portfolio increased to more than 895,000 properties available as of September 30, 2018, including over 300,000 integrated HomeAway listings. HomeAway now offers nearly 1.8 million online bookable listings.
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