Airbnb Inc (NASDAQ:ABNB) is trading lower Friday after the company reported better-than-expected second-quarter financial results, but warned that it expects COVID-19 variants to continue to affect overall travel behavior.
Airbnb reported a quarterly earnings loss of 11 cents per share, which beat the estimate for a loss of 48 cents per share. The company reported quarterly revenue of $1.33 billion, which beat the estimate of $1.23 billion.
Airbnb said it's well positioned for the continued travel recovery, however the company noted that it's anticipating COVID-19 variants to cause volatility in bookings.
"In the near term, we anticipate that the impact of COVID-19 and the introduction and spread of new variants of the virus, including the Delta variant, will continue to affect overall travel behavior, including how often and when guests book and cancel," Airbnb said in a letter to shareholders.
Analyst Assessment: Needham analyst Bernie McTernan maintained Airbnb with a Buy rating and raised the price target from $194 to $200.
JMP Securities analyst Ronald Josey maintained Airbnb with an Outperform rating and lowered the price target from $190 to $180.
Credit Suisse analyst Stephen Ju maintained Airbnb with a Neutral rating and raised the price target from $164 to $167.
Wells Fargo analyst Brian Fitzgerald maintains Airbnb with an Overweight rating and raised the price target from $200 to $210.
Price Action: Airbnb has traded as high as $219.94 and as low as $121.50 since its IPO in December.
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