While delivering an earnings-per-share beat and in-line revenue in the fourth quarter, bookings fell short, "largely driven by a reduction in average ticket prices" for air travel, management said during its post-earnings conference call. Hotel and vacation bookings, however, fared better. Investors also received the unexpected news that Expedia CEO Peter Kern will be stepping down after four years at the helm. Kern will be succeeded by Ariane Gorin, who has been with the company for more than 10 years. She was previously an executive at Microsoft between 2003 and 2013.