Airbnb (ABNB) Q1 earnings report 2023

Shares of Airbnb fell as a lot as 10% in prolonged buying and selling Tuesday regardless of first-quarter earnings that beat analyst estimates on high and backside line, because it supplied barely weaker-than-expected steering and a cautious outlook for Q2.

This is how the corporate did:

• EPS: 18 cents vs. 9 cents anticipated by analysts, in response to Refinitiv.
• Income: $1.82 billion vs. $1.79 billion anticipated by analysts, in response to Refinitiv.

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Income for the fourth quarter was up 20% yr over yr. Airbnb reported $117 million in internet earnings for the quarter, up from a internet lack of $19 million a yr earlier. The determine marks the primary time Airbnb has been worthwhile throughout its first quarter on a GAAP foundation.

In its shareholder letter, Airbnb stated it had a “sturdy begin” to the yr, and it’s trying ahead to a different “sturdy summer time journey season.” Nonetheless, it warned of robust comparables for the second quarter: “Nights and Experiences Booked may have unfavorable year-over-year comparisons in Q2 2023 as we overlap pent-up 2022 demand following the COVID Omicron variant.”

The corporate stated income in its second quarter might be between $2.35 billion and $2.45 billion. Analysts polled by Refinitiv anticipated $2.42 billion.

Common day by day charges have been flat in comparison with a yr in the past at $168 within the first quarter, and the corporate stated energetic listings within the first quarter elevated 18% yr over yr.

Gross reserving worth, which Airbnb makes use of to trace host earnings, service charges, cleansing charges and taxes, totaled $20.4 billion within the first quarter. The corporate reported 121.1 million nights and experiences booked within the first quarter, up 19% yr over yr, in keeping with estimates by analysts, in response to StreetAccount.

Airbnb stated within the investor letter that it intends to remain centered on three “strategic priorities.” The corporate stated it’s working to make internet hosting on the platform simply as well-liked as journey, present reasonably priced stays for visitors and improve its presence in “much less mature” worldwide markets.

Airbnb stated within the investor letter that vacationers are returning to main cities, and they’re additionally reserving longer stays.

Airbnb will maintain its quarterly name with buyers Tuesday at 4:30 p.m. ET.