Airbnb CEO and co-founder Brian Chesky speaks at the Fast Company Innovation Festival in New York on September 21, 2022.
Eugene Gologowski | Getty Images Entertainment | Getty Images
Airbnb The company reported second-quarter earnings that missed analysts’ expectations and warned of signs of slowing demand from U.S. customers, sending its shares down 14% in after-hours trading.
Here’s how the company compares to LSEG’s forecasts for the quarter ending June 30:
- Earnings per share: 86 cents vs. 92 cents expected
- income: $2.75 billion vs. $2.74 billion expected
Revenue increased by 11% year-on-year. Airbnb reported net income of $555 million, or 86 cents a share, down 15% from $650 million, or 98 cents a share, a year earlier.
The vacation rental company forecast third-quarter revenue of $3.67 billion to $3.73 billion, but also warned that it expects year-over-year growth in its key “nights and experiences” category to slow compared with the current quarter. The company also warned that “global booking lead times are shortening and demand from U.S. guests is showing some signs of slowing.”
Airbnb said users booked 125.1 million stays and experiences, its highest performance in the second quarter. “We saw continued growth in all regions compared to the second quarter of 2023, with Asia Pacific and Latin America once again leading the way,” the company said in a letter to shareholders.
The company also said it has removed more than 200,000 low-quality listings since launching its “quality system” more than a year ago.
Investors are watching closely for signs of consumer stress as the Federal Reserve delays a rate cut until next month at the earliest. There are also some troubling signs in other companies’ results. McDonald’sFor example, he warned that consumers were feeling the “strain” of the economy at its worst Recent earnings reportssame-store sales fell 1%.
