Live news: Airbnb shares slide 10% after weak bookings outlook

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Shares of Airbnb fell greater than 10 per cent in prolonged buying and selling after the corporate mentioned it anticipated its bookings within the present quarter to underperform in contrast with final 12 months.

The firm reported $1.82bn in gross sales, representing 20 per cent annual income progress, whereas surpassing Wall Street’s revenue forecasts by practically 150 per cent, incomes $117mn, its first ever worthwhile first quarter. Gross bookings worth, a key firm metric, grew 19 per cent to $20.4bn.

The forecast-beating earnings had been overshadowed by Airbnb’s steering for the present quarter, which projected income between $2.35bn and $2.45bn, inside analysts’ expectations, however a slowdown in bookings.

“Nights and Experiences Booked will have unfavorable year-over-year comparisons in Q2 2023 as we overlap pent-up 2022 demand following the COVID Omicron variant,” the corporate mentioned. “We expect year-over-year growth in Nights and Experiences Booked in Q2 2023 to be lower than our revenue growth during the quarter.”

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