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.
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