Vacasa Shares Sink as Softening Vacation-Rental Demand Hits 2Q, Outlook

Dow Jones08-10

By Josh Beckerman

Vacasa shares sank to touch a 52-week low the day after the company posted lower quarterly revenue, citing trends including softening demand for domestic, non-urban vacation rentals.

The stock was down 40% early Friday afternoon at $2.37 a share, after falling as low as $2.23. Shares are down about 71% this year.

The vacation-rental-management company Thursday it continues to experience bookings weakness in both price and nights sold per home, and it doesn't yet see signs of near-term stabilization.

Second-quarter revenue fell 18% to $249 million, and the Portland, Ore., company's net loss per share widened to 59 cents from 26 cents.

Vacasa's report follows Airbnb's Tuesday warning about signs of slowing demand.

Vacasa also said it closed an initial $30 million senior secured convertible notes financing with Davidson Kempner Capital Management. The agreement allows the issuance of up to an additional $45 million of notes, subject to certain conditions.

In connection with the agreement, Davidson Kempner designated Luis Sosa and Alan Liu as Vacasa board members.

Write to Josh Beckerman at josh.beckerman@wsj.com

(END) Dow Jones Newswires

August 09, 2024 13:25 ET (17:25 GMT)

Copyright (c) 2024 Dow Jones & Company, Inc.

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