Airbnb forecast third-quarter revenue below estimates on Tuesday and warned of shorter booking windows, suggesting travelers were waiting until the last minute to book due to economic uncertainty, sending its shares down about 14.63% after the bell.
Domestic travel in the United States has been pressured since the start of the year as more Americans have grown cautious about travel spending on worries about the health of the U.S. economy.
San Francisco-based Airbnb reported quarterly profit of $555 million, or 86 cents per share, compared to $650 million, or 98 cents per share last year.
It expects third-quarter revenue to be between $3.67 billion and $3.73 billion, below analysts’ estimate of $3.84 billion, according to LSEG data.
The company expects moderating growth in nights booked in the third quarter and said it was experiencing shorter booking lead times globally.
Booking lead time is an important metric in the travel industry and refers to the number of days between the reservation date and actual arrival. A shorter booking window can indicate consumers are booking travel at the last minute, due to increased uncertainty and caution in spending.
Travel reservations provider Booking also said earlier this month that lead times had shrunk in the second quarter and were expected to shrink further in the third.
Airbnb’s average daily rate, or cost per night, grew about 2%, to $169.53 in the reported quarter. The vacation rental company expects ADR to grow modestly in the third quarter.
Net income margin, or the profit the company made for every dollar of revenue generated, decreased to 20% in the second quarter, compared to 26% a year ago.
Nights and experiences booked numbered 125.1 million, up 9% from last year. Globally, nights and experiences booked in Latin America and Asia-Pacific saw the highest growth, jumping by 17% and 19%, respectively.
The company reported a gross bookings value of $21.2 billion, up 11% from a year ago.
Total revenue for the quarter ended June 30 was $2.75 billion, up 11% from a year earlier.
—Doyinsola Oladipo and Aishwarya Jain, Reuters
Connectez-vous pour ajouter un commentaire
Autres messages de ce groupe
Child psychologists tell us that around the age of five or six, children begin to seriously contemplate the world around them. It’s a glorious moment every parent recognizes—when young minds start
During January’s unprecedented wildfires in Los Angeles, Watch Duty—a digital platform providing real-time fire data—became the go-to app for tracking the unfolding disaster and is credit
Yahoo’s bet on creator-led content appears to be paying off. Yahoo Creators, the media company’s publishing platform for creators, had its most lucrative month yet in June.
Launched in M
From being the face of memestock mania to going viral for inadvertently stapling the screens of brand-new video game consoles, GameStop is no stranger to infamy.
Last month, during the m
The technology industry has always adored its improbably audacious goals and their associated buzzwords. Meta CEO Mark Zuckerberg is among the most enamored. After all, the name “Meta” is the resi
