Airbnb shares fall on lower-than-expected revenue forecast
Airbnb profit more than doubled last quarter, but the company’s disappointing revenue forecast sent its shares down about 7% in after-hours trading Wednesday.
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Economia Airbnb
The San Francisco-based home-rental platform reported net income rose to $264 million in the first quarter, compared with $117 million a year earlier, as revenue increased 18% to $2.14 billion.
Per-share earnings for the quarter jumped to 41 cents, while analysts surveyed by FactSet had expected 23 cents.
The profit growth was partly fueled by a shift in the Easter holiday, which fell in the first quarter this year compared with the second quarter of 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 with a year earlier.
Airbnb projected second-quarter revenue of between $2.68 billion and $2.74 billion.
The forecast fell short of Wall Street expectations, partly because of unfavorable currency exchange rates and partly because Easter came earlier.
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