Airbnb shares were losing air in late trading Wednesday, after the short-term lodging marketplace posted first-quarter results that edged Wall Street estimates, while providing June quarter revenue guidance just a smidgen below consensus.
Airbnb shares were 8.2% lower in late trading.
For the quarter, Airbnb recorded revenue of $2.14 billion, up 18% from a year ago, and ahead of both the company's forecast range of $2.03 billion to $2.07 billion, and the Street consensus as tracked by FactSet at $2.06 billion.
Net income was $264 million -- the company's best first quarter ever -- and up 126% from the year-ago period. Per-share profits were 41 cents, above consensus at 24 cents.
Gross booking value was $22.9 billion, up 12%, while nights and experiences booked was 9.5% higher, at $132.6 million. Free cash flow was $1.9 billion, up 21%.
For the June quarter, Airbnb is projecting revenue of between $2.68 billion and $2.74 billion, an increase of 8%-10% from a year earlier; at the middle of the range, that's slightly below consensus at $2.74 billion. The company noted that results in the quarter will face "a significant sequential headwind" from the timing of Easter, the inclusion of leap day in the first quarter, and the impact of foreign exchange rates.
The company said it expects third-quarter results to accelerate from the second quarter, aided by "robust demand for travel around international events" such as the Summer Olympics in Paris, which kick off in July, and the Euro Cup soccer tournament, which starts in Germany in mid-June.
Airbnb said that adjusted earnings before interest, taxation, depreciation, and amortization, or Ebitda, in the June quarter is expected to be flat-to-up compared with the year-ago quarter.
