Airbnb beats earnings expectations for first quarter but offers weaker-than-expected guidance
Airbnb reported first-quarter results on Wednesday that beat analysts' estimates but offered weaker-than-expected guidance. Shares fell more than 6% in extended trading.
Here's how the company did, compared with consensus expectations from LSEG:
Revenue increased 18% from $1.82 billion a year earlier. Airbnb reported a net income of $264 million, or 41 cents per share, compared to $117 million, or 18 cents per share, in the same period last year.
The company said revenue in its second quarter will come in between $2.68 billion and $2.74 billion. Analysts were expecting $2.74 billion for the period, according to LSEG.
In its letter to shareholders, Airbnb said it is already experiencing "robust demand for travel" ahead of the peak summer season, particularly around upcoming events like the Olympics. The company also said it expects that year-over-year revenue growth for its third quarter will accelerate compared to the second quarter, in part because of its summer travel backlog.
Other special events like the solar eclipse in North America helped drive engagement with Airbnb's platform during the first quarter. The company said it had 500,000 guests stay on Airbnb during the eclipse, according to its investor letter.
Airbnb said adjusted EBITDA for the first quarter was $424 million, up 62% year over year. Analysts polled by StreetAccount were expecting $326 million for the quarter.
Gross booking value, which Airbnb uses to track host earnings, service fees, cleaning fees and taxes, came in at $22.9 billion in the first quarter. The company reported 132.6 million nights and experiences booked, up 9.5% from a year ago, and higher than the 132.1 million expected by analysts, according to StreetAccount.
Growth in Airbnb's nights and