UPDATE 2-Orbitz quarterly loss narrows, beats Street view

* Q1 loss 5 cents/share vs Street view loss 7 cents

* Global gross bookings up 24 pct

* Shares off 0.8 percent
(Recasts, adds CEO comments, share move, background)

CHICAGO, May 5 (BestGrowthStock) – Online travel agency Orbitz
Worldwide (OWW.N: ) posted a narrower-than-expected quarterly
loss, helped by an increase in bookings as travel demand
rebounds from the recession.

The company, which suffered from weak demand during the
economic downturn, said its various promotions stimulated

“It’s driven by a bunch of stuff, but in particular by
consumer fee reductions that we put in place in early April
last year,” Chief Executive Barney Harford told Reuters.

Orbitz and other online travel companies cut fees for
bookings and initiated other promotions to bolster demand.

The company said its net loss was $5.3 million, or 5 cents
per share, in the first quarter, compared with a loss of $336.2
million, or $4.02 per share, a year earlier.

Revenue slipped 1 percent to $187.2 million.

Analysts were expecting a loss of 7 cents a share on
revenue of $184.1 million, according to Thomson Reuters

Orbitz shares were down 5 cents, or 0.8 percent, at $6.45
in morning trade on the New York Stock Exchange.

Orbitz, which competes with Expedia Inc (EXPE.O: ) and
Priceline.com (PCLN.O: ), said the value of its bookings rose 24
percent to $3 billion in the quarter. The value of domestic
bookings increased 21 percent, while international bookings
jumped 41 percent.

Orbitz forecast second-quarter revenue would be up 3
percent to 6 percent from a year earlier.

Harford noted a sharp increase in demand for business
travel, which has helped Orbitz’s corporate bookings.

“Orbitz For Business is benefiting from a real recovery in
the corporate travel sector,” he said.

Stock Market News

(Reporting by Kyle Peterson in Chicago and Amulya Nagaraj in
Bangalore; editing by John Wallace)

UPDATE 2-Orbitz quarterly loss narrows, beats Street view