Airbnb slides after Q2 outlook disappoints
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Airbnb (NASDAQ:ABNB) fell sharply in postmarket trading on Tuesday after the online travel company issued a cautious outlook.
For Q1, the company reported that gross booking value jumped 19% to $20.4B from a year ago vs. the consensus estimate of $20.1B.
Revenue was up 20% to $1.8B during the quarter. The company noted revenue was up 24% with FX stripped out. Solid growth in Nights and Experiences Booked and stable Average Daily Rates were cited as positive factors during the quarter. ADR remained stable on a year-over-year basis as price appreciation was offset by the impact of foreign exchange, willingness to pay, and mix shift into urban and other types of bookings, which tend to carry lower ADR. On an FX-neutral basis, Q1 ADR was flat to up across all regions year-over-year.
Adjusted EBITDA was up 14% and at a record high level for Q1 of $262M vs. $259.4M consensus.
Nights from long-term stays (28 nights or longer) were 18% of total gross nights booked in Q1.
Free cash flow was $1.6B, up 32% year-over-year.
Looking ahead, Airbnb (ABNB) expects Q2 revenue of $2.35B to $2.45B vs consensus of $2.42B. Q2 adjusted EBITDA is forecast to be similar on a nominal basis from a year ago, but lower on a margin basis.
Shares of Airbnb (ABNB) fell 9.66% in after-hours trading. That move follows a 1.13% rise during the regular session.
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