Airbnb Slumps After Bookings Missed Analyst Estimates
- Company sees record third quarter as lockdown rules ease
- Hosts’ pricing power will drive gains in gross booking value
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Airbnb Inc. shares slid after the company missed estimates on bookings, highlighting investors’ and analysts’ high expectations for companies in the travel sector after a long Covid slump.
The San Francisco-based home-rental company said Tuesday that nights and experiences booked in the second quarter rose 25% to 103.7 million, missing an analyst estimate of 106 million. The company is expecting similar growth in the third quarter, but that rate falls below analysts’ estimates of close to 109 million. Second-quarter sales rose 58% from a year earlier to $2.1 billion, matching the average projection.