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Stock tanks 8% after bookings miss

by Index Investing News
May 9, 2023
in Financial
Reading Time: 2 mins read
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Airbnb (ABNB) reported its Q1 2023 earnings after the bell, reporting a minor beat on revenue and a miss on bookings.

The company’s shares declined about 8% in after-hours trading, and Airbnb also announced a new $2.5 billion stock buyback.

Here are the notable numbers from the company’s earnings report, as compared to Wall Street’s expectations as compiled by Bloomberg:

Revenue: $1.8 billion actual versus $1.79 billion estimated

EPS: 18 cents actual versus 12 cents estimated

Nights and Experiences Booked: $121.1 million actual versus $122.4 million estimated

Q2 Revenue Guidance: $2.35-$2.45 billion actual versus $2.42 billion estimated

To explain the nights and experiences bookings miss, the company’s shareholder letter said: “Nights and Experiences Booked grew 19% in Q1 2023 compared to a year ago. Even with continued macroeconomic uncertainties, we have seen our highest number of active bookers, demonstrating both loyalty from our returning guests and a growing base of first-time bookers. Our current backlog of nights is approximately 25% stronger than a year ago.

The pressure was on for Airbnb this cycle – other travel names like Expedia (EXPE) and Booking Holdings (BKNG) reported solid results last week.

This is breaking news, more to come.

Allie Garfinkle is a Senior Tech Reporter at Yahoo Finance. Follow her on Twitter at @agarfinks and on LinkedIn.

For the latest earnings reports and analysis, earnings whispers and expectations, and company earnings news, click here

Read the latest financial and business news from Yahoo Finance





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