Expedia reported results that reflected the continued effects of the pandemic on the travel industry, with gross bookings and revenue each plunging 67% in the fourth quarter. The online travel company reported a quarterly loss of $412 million, compared with net income of $76 million in the year-ago period. Revenue fell to $920 million from $2.75 billion. Expedia says “the environment continues to be unpredictable.”
Entrepreneurs are still trying to give it a go. New business applications jumped 45% in January from December, according to Census Bureau data.
New business formation plunged during the initial months of the pandemic but soared last summer and fall, before dropping off again. The biggest category of new business applications was in retail. Among the larger categories, the biggest gains were in personal services, followed by hotels, restaurants and then by real estate.
