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Airbnb (ABNB) reported first quarter adjusted earnings of $0.24 per share compared to a Bloomberg consensus estimate of $0.23. Revenue was $2.27 billion versus the $2.26 billion estimate. Hotel room nights booked was 143.1 million compared to the expected 143.2 million.
Looking ahead to Q2, Airbnb sees revenue of $2.99 billion to $3.05 billion compared to the expected $3.03 billion. The company also warned of "broader economic uncertainties" impacting its business in the US.
Market Domination Overtime Anchors Julie Hyman and Markets Reporter Josh Schafer recap the results in the video above.
To watch more expert insights and analysis on the latest market action, check out more Market Domination Overtime here.
We gotta move right on here to Airbnb out with first quarter results, mostly in line with expectations. The numbers for showing earnings per share coming in at 24 cents versus the 23 cent estimate. First quarter revenue, um, coming in at 2.3 billion dollars, or 2.27, we rounded up. Uh, 2.26 billion is what analysts had been estimating here. Um, and if you look at the company's second quarter revenue forecast, it's for 2.99 to 3.05 billion dollars. The estimate was for 3.03 billion dollars. So why are the shares down by some 3%?
It it seems to be, Julie, we were parsing through the release. There's a part where they're talking about the second quarter average daily rate that they're expected to be charged, and they said that they think that's going to be approx approximately flat year over year, and they're specifically highlighting, they said we've seen relatively softer results, which we believe have been largely driven by broader economic uncertainties in the US. So it seems like there's perhaps a little bit of consumer softness starting to bleed through from what they call economic uncertainties in US spending right now. Again, we're not that far into Q2, right? But it is a month in, and it has been the probably most volatile month that we've had in a while in terms of economic uncertainty. So they're starting to see that impact the business a little bit. We'll be curious to hear on the call just sort of what more color we get on how long they think that sort of extends, and where they're kind of at with the consumer because there was some other commentary within the shareholder letter where they sort of argued that they feel like they're a business that can still thrive in in economic downturn and has kind of different levers to pull. So curious kind of how they reason those two different things.
I mean, they do say in the second quarter that they expect their average daily rate to be approximately flat year over year. So we'll see what the implications of that are for the numbers as well.
