Airbnb (NASDAQ:ABNB) delivered better-than-expected first-quarter earnings, but shares fell more than 4% in pre-market today after the company’s second-quarter revenue guidance came in just shy of Wall Street expectations.
The vacation rental platform posted adjusted earnings of $0.24 per share, narrowly beating analyst forecasts of $0.23. Revenue for the quarter grew 6% year-over-year to $2.27 billion, slightly above the $2.26 billion consensus estimate.
Looking ahead, Airbnb projected second-quarter revenue between $2.99 billion and $3.05 billion, with the midpoint of $3.02 billion falling just below analyst expectations of $3.03 billion. The company noted that the earlier Easter holiday in 2024 is expected to contribute roughly two percentage points to Q2 growth, helping comparisons to the prior year.
Despite the tepid guidance, Airbnb reaffirmed its full-year adjusted EBITDA margin target of at least 34.5%, highlighting continued cost discipline and operational efficiency. During Q1, gross booking value rose 7% to $24.5 billion, while total nights and experiences booked increased 8% to 143.1 million.
CEO Brian Chesky emphasized the company’s focus on long-term strategy, including expanding beyond accommodations. He said Airbnb is entering its “next chapter” by building out offerings that go beyond just a place to stay.