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    Home » Airbnb’s stock price declines on second-quarter’s expected earning
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    Airbnb’s stock price declines on second-quarter’s expected earning

    By Rita LiMay 10, 2024Updated:May 11, 2024No Comments2 Mins Read
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    • The first-quarter performance of the lodging sharing platform company Airbnb surpassed market expectations, yet its stock price plummeted during after-hours trading.
    • The reason for the stock decline is attributed to the company’s failure to fully recover its performance following the COVID-19 pandemic.
    • Similar platforms are also expected to report similar performance in the second quarter.

    Despite Airbnb‘s better-than-expected first-quarter earnings announcement, the stock price plummeted in after-hours trading due to bleak future outlook.

    Airbnb’s strong performance

    Airbnb announced in its first-quarter earnings report on May 8, that its revenue totaled $2.14 billion, marking an 18% increase compared to the same period last year. This surpasses analysts’ expectations of $2.06 billion.

    Net profit for the same period surged 126% year-on-year to $264 million, significantly exceeding analysts’ forecast of $152 million. Airbnb attributed the boost in revenue and net profit to the earlier Easter in March this year compared to the average year.

    Also read: Airbnb adds group bookings, AI integration

    Market crisis

    However, despite Airbnb’s solid performance, its stock plunged approximately 8.5% in after-hours trading due to concerns about a slowdown in second-quarter revenue. Airbnb had anticipated second-quarter revenue to range between $2.68 billion and $2.74 billion, which is lower than analysts’ expectations of $2.74 billion.

    Also read: Why is Tesla stock dropping?

    This guidance suggests that the business environment hasn’t fully recovered since the COVID-19 pandemic. Similar guidance has been provided recently by competitors such as Booking Holdings and Expedia Group in their first-quarter earnings announcements.

    Airbnb News
    Rita Li

    Rita Lian intern reporter at BTW media dedicated in Products. She graduated from University of Communication University of Zhejiang. Send tips to rita.li@btw.media.

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