SAN JOSE, May 9 (Bernama-dpa) -- Online holiday rental platform Airbnb has disappointed the stock market with its business outlook for the current quarter, reported dpa news.
The share price fell by more than 7 per cent at times in after-hours trading on Wednesday. The company stressed that it was expecting strong business in the summer, including around the European Football Championship in Germany and the Olympic Games in Paris.
Turnover in the first quarter rose by 18 per cent year-on-year to US$2.1 billion, exceeding analysts' estimates. Profit rose from US$117 million a year ago to US$264 million, according to Airbnb.
Earnings per share also significantly exceeded market expectations.
However, the revenue forecast for the current quarter was cautious at US$2.68 billion to US$2.74 billion. Analysts had expected an average of US$2.74 billion.
The results of the past quarter and the forecast for the current quarter were also influenced by the fact that the Easter holidays and the associated travel traffic fell in March this year, Airbnb stressed.
-- BERNAMA-dpa
BERNAMA provides up-to-date authentic and comprehensive news and information which are disseminated via BERNAMA Wires; www.bernama.com; BERNAMA TV on Astro 502, unifi TV 631 and MYTV 121 IFLIX channels and BERNAMA Radio on FM93.9 (Klang Valley), FM107.5 (Johor Bahru), FM107.9 (Kota Kinabalu) and FM100.9 (Kuching) frequencies.
Follow us on social media :
Facebook : @bernamaofficial, @bernamatv, @bernamaradio
Twitter : @bernama.com, @BernamaTV, @bernamaradio
Instagram : @bernamaofficial, @bernamatvofficial, @bernamaradioofficial
TikTok : @bernamaofficial
