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Airbnb drops 10% after earnings report offers cautious Q2 outlook

Mohamed Abdelhamid 10 May, 2023 2:16 am Global Stock Market, Market Update

Shares of Airbnb fell in extended trading Tuesday after the company released first-quarter earnings that beat analyst estimates but offered slightly weaker-than-expected guidance and a cautious outlook for the current quarter.

Airbnb swung to a net profit of $117 million from a net loss of $19 million during the year-earlier period, its first-ever profitable quarter. The company warned that second-quarter comparisons would be tough given pent-up demand last year coming out of the Covid pandemic.

Shares fell as much as 10% in extended trading Tuesday despite first-quarter earnings that beat analyst estimates on the top and bottom lines, as it offered slightly weaker-than-expected guidance and a cautious outlook for the current quarter.

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