Shares of Airbnb tumbled Wednesday, a day after the company released its first-quarter report that offered a cautious outlook for the current quarter.
Chesky expressed similar concerns about price sensitivity in North America during a quarterly call with investors Tuesday, adding that, in the U.S., the lowest price offerings on the platform have the highest occupancy. He said that as Airbnb rates normalize, the company expects to see an increase in occupancy across more listings.rose 20%
But the home-sharing platform warned that second-quarter comparisons would be tough, saying, "Nights and Experiences Booked will have unfavorable year-over-year comparisons in Q2 2023 as we overlap pent-up 2022 demand following the COVID Omicron variant." Analysts at Bernstein said the company posted a "solid enough" quarter despite the challenges it is anticipating in its second quarter. They maintained their outperform rating on the stock and said in a Wednesday note they see Airbnb's headwinds as a "short timing effect."
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