Gross bookings were down 10% in the month of April, management said in May, as inflation and slowing economic growth delayed the vacation travel rebound that many investors were hoping to see. The stock's decline this week reflects Wall Street's fear that these issues will impact the key summer season and threaten Expedia's wider 2022 and 2023 fiscal years. That sensitivity should support solid sales in the summer quarter, even though consumers are dealing with historically high prices on things like airfare and fuel.