1 year ago
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Shares of Airbnb fell 9% Wednesday, a time aft the institution released third-quarter earnings that bushed Wall Street's estimates but fell abbreviated connected fourth-quarter guidance.
Airbnb bushed connected apical and bottommost lines successful its 3rd quarter. The institution posted gross of $2.9 billion, up 29% year-over-year for its strongest 4th ever, and topped analysts' estimates of $2.8 billion, according to Refinitiv. The gross summation was driven by unchangeable maturation successful the Nights and Experiences booked and elevated mean regular rates.
But Airbnb provided fourth-quarter gross guidance of $1.80 cardinal and $1.88 billion, beneath the midpoint of $1.85 cardinal arsenic expected by analysts, according to Refinitiv.
Airbnb said to "expect a continued, albeit choppy, betterment of cross-border question to beryllium a further tailwind to aboriginal results" arsenic countries astir the satellite proceed to retrieve from Covid lockdowns and grapple with precocious levels of ostentation and rising involvement rates.
Airbnb besides cautioned that the beardown dollar volition little its planetary mean regular rate. Analysts astatine Evercore ISI said this was the "key negative" successful the report. Evercore ISI maintained its outperform standing connected the banal but removed Airbnb from their TAP Outperform list, according to a Tuesday note.
"All in, we thought cardinal trends were resilient," the analysts said.
Airbnb benefited from booming question request and said successful a merchandise that it has seen maturation successful the fig of caller hosts connected its platform.
