Airbnb shares slide on lower revenue forecast despite a doubling of net income

2024-12-25 10:36:33 source:lotradecoin servicequality category:News

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.

More:News

Recommend

Sabrina Carpenter reveals her own hits made it on her personal Spotify Wrapped list

Can you guess which artist made Sabrina Carpenter's Spotify Wrapped? The answer initially made the "

Give Sean Diddy Combs' Daughters an Award For Praising Dad at the MTV VMAs

Sean "Diddy" Combs' daughters are singing his praises.While attending the 2023 MTV Video Music Award

Drew Barrymore to resume talk show amid SAG/WGA strikes: I own this choice

Drew Barrymore announced that she is returning to her daytime talk show amid the WGA and SAG-AFTRA s