Shares fell by 10% to $114.25. This is a significant backtrack for Airbnb, with the company gaining almost 50% since the start of the year. While the company benefitted from shifts in work and travel trends during Covid, the post-pandemic travel boom has since faded.

The company has forecast revenue of $2.35 billion to $2.45 billion for the quarter ending June; an increase of 12% to 16% from the previous year. According to a Bloomberg survey, industry analysts had been expecting revenue of $2.4 billion.

News of Airbnb’s reduced economic outlook comes after a solid first-quarter performance in which the company set several performance records. Adjusted earnings before taxes for the three months ending March 31 was $262 million; a record first-quarter performance that smashed Wall Street estimates.

Revenue for the first quarter stood at $1.82 billion, thereby beating analysts’ estimates of $1.79 billion and setting another first-quarter record as well as a 20% rise from the previous three months.

The post Airbnb Shares Slide Amid Waning Travel Demand appeared first on theprimarymarket.com.

The report detailed various stories and incidents that happened to guests at Airbnbs run by individuals, like last-minute cancellations, cleaning requirements, and surveillance. These “scandals and horror stories” reportedly prompted Airbnb to focus on the platform’s “professionally managed properties” in a move that is now backfiring.

According to The Bear Cave, many of the hosts behind professionally managed properties have now started using other platforms in an attempt to cut Airbnb out.

“In short, Airbnb’s future will look a lot different than its past as the company will now need to compete against its best and largest hosts,” says the report.

 The report apparently didn’t sit well with the investors, and it reflected on Airbnb’s shares almost immediately. After closing at $115.34 per share on Wednesday, the company’s stock was down as much as six percent at one point on Thursday. Still, the shares of Airbnb are still almost 30 percent up since the start of the year. 

The post Airbnb Stock Down After Unfavorable Short-Seller Report Comes Out appeared first on theprimarymarket.com.

Shares fell by 10% to $114.25. This is a significant backtrack for Airbnb, with the company gaining almost 50% since the start of the year. While the company benefitted from shifts in work and travel trends during Covid, the post-pandemic travel boom has since faded.

The company has forecast revenue of $2.35 billion to $2.45 billion for the quarter ending June; an increase of 12% to 16% from the previous year. According to a Bloomberg survey, industry analysts had been expecting revenue of $2.4 billion.

News of Airbnb’s reduced economic outlook comes after a solid first-quarter performance in which the company set several performance records. Adjusted earnings before taxes for the three months ending March 31 was $262 million; a record first-quarter performance that smashed Wall Street estimates.

Revenue for the first quarter stood at $1.82 billion, thereby beating analysts’ estimates of $1.79 billion and setting another first-quarter record as well as a 20% rise from the previous three months.

The post Airbnb Shares Slide Amid Waning Travel Demand appeared first on theprimarymarket.com.

The report detailed various stories and incidents that happened to guests at Airbnbs run by individuals, like last-minute cancellations, cleaning requirements, and surveillance. These “scandals and horror stories” reportedly prompted Airbnb to focus on the platform’s “professionally managed properties” in a move that is now backfiring.

According to The Bear Cave, many of the hosts behind professionally managed properties have now started using other platforms in an attempt to cut Airbnb out.

“In short, Airbnb’s future will look a lot different than its past as the company will now need to compete against its best and largest hosts,” says the report.

 The report apparently didn’t sit well with the investors, and it reflected on Airbnb’s shares almost immediately. After closing at $115.34 per share on Wednesday, the company’s stock was down as much as six percent at one point on Thursday. Still, the shares of Airbnb are still almost 30 percent up since the start of the year. 

The post Airbnb Stock Down After Unfavorable Short-Seller Report Comes Out appeared first on theprimarymarket.com.