Airbnb shares slide on lower revenue forecast despite a doubling of net income
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.
's more than doubled last , but management's disappointing sparked a roughly 7% drop in its in after-market trading Wednesday.The San Francisco-based vacation rental app said its rose to $264 million in the first quarter from $117 million a year earlier, on revenue that rose 18% to $2.14 billion. per share in the quarter jumped to 41 cents; analysts surveyed by expected 23 cents.
Earnings growth was partly driven by a shift in the , 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 "," 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 expectations, partly because of unfavorable exchange rates and partly because of Easter falling earlier.
Source: Stocks-Markets-Economic Times
