Expedia Profit Soars; CEO Barton Resigns
Expedia Inc. said fourth-quarter profit rose more than fourfold as more people used the company’s Web site. Also, founder and Chief Executive Richard Barton resigned.
Barton will be succeeded by Erik Blachford, president of Expedia’s North American operations, the company said.
Net income jumped to $21.4 million, or 33 cents a share, compared with $5.22 million, or 8 cents, a year earlier. Sales more than doubled to $163.9 million.
Shares of Bellevue, Wash.-based Expedia gained $2.93, or 5.2%, to $59.05 on Nasdaq.
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