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Airbnb’s Stock Drops 9% On Soft Guidance

Airbnb’s (ABNB) stock is down 9% after the homestay and short-term rental company provided forward guidance that was below Wall Street estimates.

For the year’s first quarter, Airbnb posted earnings per share (EPS) of $0.41 U.S., which was well ahead of a consensus estimate of $0.24 U.S.

The quarterly profit was up 126% from a year ago and the company’s best first quarter ever.

Revenue in the period totaled $2.14 billion U.S., ahead of Wall Street forecasts of $2.06 billion U.S. Sales were up 18% from a year earlier.

Gross bookings in Q1 came in at $22.90 billion U.S., up 12% year over year, while nights and experiences booked rose 9.5% to $132.6 million U.S.

Airbnb’s free cash flow at the end of the quarter totaled $1.90 billion U.S., up 21% from the same period in 2023.

Despite the strong quarter, Airbnb’s forward guidance fell short of expectations, sending the stock lower.

For the current second quarter, Airbnb forecast revenue of $2.68 billion U.S. to $2.74 billion U.S., an increase of 8% to 10% from a year earlier at the middle of the range.

That was below analysts’ consensus estimates of $2.74 billion U.S.

Profits in Q2 are forecast to be flat compared with the previous year.

Before today (May 9), Airbnb’s stock had increased 24% over the past 12 months and was trading at $157.90 U.S. per share.