Airbnb shares slide on lower revenue forecast despite a doubling of net income
SAN FRANCISCO (AP) — Airbnb’s profit more than doubled last quarter, but management’s disappointing revenue forecast sparked a roughly 7% drop in its stock in after-market trading Wednesday.
The San Francisco-based vacation rental app said its net income rose to $264 million in the first quarter from $117 million a year earlier, on revenue that rose 18% to $2.14 billion. Earnings per share in the quarter jumped to 41 cents; analysts surveyed by FactSet expected 23 cents.
Earnings growth was partly driven by a shift in the Easter holiday, which came during the first quarter this year versus the second quarter in 2023. Easter is a significant travel holiday.
The quarter also included the Feb. 29 “leap day,” which added an extra day of business to the first quarter compared to a year earlier.
Airbnb projected revenue in the second quarter between $2.68 billion and $2.74 billion. That fell short of Wall Street expectations, partly because of unfavorable exchange rates and partly because of Easter falling earlier.
Related articles
Retired pro wrestler who ran twice for Congress pleads not guilty in Las Vegas murder case
LAS VEGAS (AP) — A retired professional wrestler and former congressional candidate in Nevada and Te2024-05-09Insider Q&A: Trust and safety exec talks about AI and content moderation
Alex Popken was a longtime trust and safety executive at Twitter focusing on content moderation befo2024-05-09The body of a kayaker has been recovered after he vanished last week in Indianapolis
INDIANAPOLIS (AP) — The body of one of two men who vanished last week when their kayaks capsized in2024-05-09Ooh la lovely! Inside one of Paris's hottest new hotels
If there was an Oscar for headboards, the one in our fifth-floor suite in Norman Hotel in Paris woul2024-05-09Jean Smart reveals Harry Styles' cheeky 'hack' for checking into hotels undercover
Jean Smart has revealed that Harry Styles sneakily checks into hotels using the alias 'Deborah Vance2024-05-09Without cameras to go live, the Trump trial is proving the potency of live blogs as news tools
NEW YORK (AP) — They watched from the courtroom or via closed-circuit television in an overflow room2024-05-09
atest comment