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Airbnb shares drop as growth slows
Tuesday, 21st May 2024
Source : External source

Company says growth in the current period for nights and experiences booked – a key industry metric – will be ‘relatively stable’.

Shares in Airbnb fell the most in a year after the company's second consecutive disappointing quarter, suggesting a potential slowdown in travel spending as the peak summer season approaches.

Key takeaways

  • Airbnb expects revenue for the current quarter ending in June to be between $2.68 billion and $2.74 billion, according to a shareholder letter released on Wednesday. This forecast fell short of analysts' expectations of $2.74 billion. Airbnb attributed the shortfall to the timing of the 2024 Easter holiday, as well as currency challenges;
  • The travel industry, including Airbnb and its competitors, has been adjusting to a 'new normal' post-pandemic. The recovery has been uneven, with demand varying by region due to different Covid-19 reopening timelines;
  • Airbnb saw a slowdown in the number of nights booked in North America in the first quarter. To counter this trend, the company has been actively promoting its rentals as an alternative to traditional hotels, particularly for group travelers seeking multi-bedroom accommodation.

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