Shares of travel bookings platform Expedia Group (NASDAQ: EXPE) dropped on Friday after the company reported financial results for the fourth quarter of 2023. In reality, the numbers were pretty good, but a surprise change of CEO cast a shadow over the financial results. As of 11:30 a.m. ET, Expedia stock was down 19%.

Expedia generates revenue in several ways, including processing travel bookings, earning commissions, and advertising. In 2023, the company generated record revenue of $12.8 billion, including Q4 revenue of $2.9 billion, which was up 10% year over year.

Much of Expedia's operating expenses were little changed, which was good for profits. However, there were bigger factors at work. The company repurchased $2 billion in shares during the year. And higher interest rates provided higher interest income on its cash. Therefore, its full-year diluted earnings per share (EPS) made a huge 145% jump in 2023 compared to 2022.

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Source Fool.com