It is true that a lot of Expedia's problems are self-made. The company's disparate bundle of brands include Hotels.com, Egencia, Trivago and Hotwire. That means multiple marketing campaigns and teams. Former boss Mark Okerstrom was trying to reorganise the company to better share resources across brands.
It is a good idea, but Expedia is simultaneously facing a more existential threat. Just as online travel sites ruined things for physical travel agents, Google is doing the same to online agents. Adverts are pushing down search results and the internet group has created its own travel search tools. Traffic from Google searches is slowing.
Expedia is focusing on loyalty schemes and wants to create a platform for travellers to book everything from transport to accommodation to days out. But so does everyone else.
Tui and Airbnb are both chasing similar goals.
Diller thinks Expedia can address industry and company-specific threats without sacrificing growth. That will require significant cost cuts. His success pulling together the various internet ventures at IAC inspires confidence but it is not enough to counter the threat posed by Google.
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