Airbnb shares slid as much as 6% in extended trading Thursday after the short-term home-rental company reported a smaller sum of nights and experiences booked in the second quarter than analysts had projected.
Here’s how the company did:
- Earnings: 98 cents per share, vs. 78 cents per share as expected by analysts, according to Refinitiv
- Revenue: $2.48 billion, vs. $2.42 billion as expected by analysts, according to Refinitiv
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Airbnb’s revenue grew 18% year over year in the quarter, according to a statement. Net income reached $650 million, compared with about $379 million, or 56 cents per share, in the year-ago quarter.
The company reported $19.1 billion in gross booking value for the quarter. That was up 12% from the second quarter of last year and above the $18.99 billion consensus among analysts surveyed by StreetAccount.
Airbnb said it had 115.1 million nights and experiences booked during the quarter, up almost 11%, but less than the 117.6 million StreetAccount consensus. Nights and experiences booked increased 19% in the first quarter.
In a letter to shareholders, Airbnb said the nights and experiences booked number was up against a tough comparison.
“We saw an improvement in year-over-year Nights and Experiences Booked growth during the quarter from 10% in April to 15% in June,” the company said. “In particular, we were encouraged by the acceleration in year-over-year nights in North America throughout the quarter, and the recovery in EMEA in June following challenging holiday comparisons in May.”
Gross booking value per night, at $166.01, was up 1% year over year.
With respect to guidance, Airbnb called for $3.3 billion to $3.4 billion in third-quarter revenue, or 14% to 18% growth. Analysts polled by Refinitiv had been looking for $3.22 billion. Management called for a “modest” sequential acceleration in nights and experiences booked.
Airbnb still sees plenty of service opportunities that could add to revenue growth, CEO Brian Chesky told…
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