Airbnb drops 10% after earnings report offers cautious outlook for Q2
that beat analyst estimates on top and bottom line, as it offered slightly weaker-than-expected guidance and a cautious outlook for Q2.18 cents vs. 9 cents expected by analysts, according to Refinitiv.Revenue for the fourth quarter was up 20% year over year. Airbnb reported $117 million in net income for the quarter, up from a net loss of $19 million a year earlier. The figure marks the first time Airbnb has been profitable during its first quarter on a GAAP basis.
The company said revenue in its second quarter will be between $2.35 billion and $2.45 billion. Analysts polled by Refinitiv expected $2.42 billion. Gross booking value, which Airbnb uses to track host earnings, service fees, cleaning fees and taxes, totaled $20.4 billion in the first quarter. The company reported 121.1 million nights and experiences booked in the first quarter, up 19% year over year, in line with estimates by analysts, according to StreetAccount.
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