Timing was a major factor in Expedia's first-quarter earnings miss, CEO Dara Khosrowshahi told CNBC on Friday. "The biggest issue there was Easter. ... Last year, Easter was in the first quarter. This year Easter is in the second quarter," he said on Squawk on the Street." "Stays came in lower, but it was purely due to a timing shift. When you look at the booking volume of the business, it's growing at very, very healthy levels and continues to accelerate." The online travel company reported, after the bell Thursday, first-quarter earnings of 5 cents per share, a penny shy of estimates. It did, however, beat expectations with $2.19 billion in revenue. Get the full story at CNBC Read also "After fighting Trump, Expedia CEO just wants to get back to work" at CNN