Airbnb Inc said on Tuesday it expects bookings growth and average daily rates to decline in the current quarter, signaling a reverse in demand trends and sending the vacation rental firm's shares down 9%.
Airbnb logo is seen displayed in this illustration taken, May 3, 2022. REUTERS/Dado Ruvic/Illustrationsaid on Tuesday it expects bookings growth and average daily rates to decline in the current quarter, signaling a reverse in demand trends and sending the vacation rental firm's shares down 9%.
"We anticipate a slightly lower ADR in Q2 driven by mix shifts and the introduction of new Host pricing tools as part of our 2023 Summer Release," Airbnb said. The San Francisco-based company, which generates half its revenue from listings outside the United States, in the last few quarters had benefited from flexible work arrangements and household savings that boosted its margins.
Revenue rose about 20% to $1.82 billion from a year earlier, compared with the average analyst estimate of $1.8 billion.
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