Shares of Airbnb fell more than 10 per cent in extended trading after the company said it expected its bookings in the current quarter to underperform compared with last year.
The company reported $1.82bn in sales, representing 20 per cent annual revenue growth, while surpassing Wall Street’s profit forecasts by nearly 150 per cent, earning $117mn, its first ever profitable first quarter. Gross bookings value, a key company metric, grew 19 per cent to $20.4bn.
The forecast-beating earnings were overshadowed by Airbnb’s guidance for the current quarter, which projected revenue between $2.35bn and $2.45bn, within analysts’ expectations, but 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 company said. “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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