Consumer Discretionary

Airbnb (ABNB) reported Q1 earnings late Wednesday of $0.41 per diluted share, up from $0.18 a year earlier. Analysts polled by Capital IQ expected $0.23. Revenue in the quarter ended March 31 rose to $2.14 billion from $1.82 billion a year earlier. Analysts surveyed by Capital IQ expected $2.06 billion. The company expects Q2 revenue of $2.68 billion to $2.74 billion. Analysts polled by Capital IQ expect $2.74 billion. Airbnb shares fell 6.9% in recent after-hours trading.

Airbnb’s (ABNB) first-quarter results surpassed Wall Street’s estimates on the back of strong travel demand and the timing of Easter, while the vacation rental company late Wednesday offered a muted outlook for the second quarter. Revenue increased 18% year-over-year to $2.14 billion during the three months ended March 31, above the Capital IQ-polled consensus for $2.06 billion. The company’s per-share earnings advanced to $0.41 in the first quarter from $0.18 a year earlier. The GAAP consensus was for $0.23. The annual revenue increase benefited from higher average daily rates and the timing of Easter, which was observed in the second quarter of 2023 but was on March 31 this year. Nights and experiences booked grew 9.5% to 132.6 million, exceeding the view on Visible Alpha indicating 131.9 million. Gross booking value, which includes host earnings, service fees, cleaning fees and taxes, jumped 12% annually to $22.9 billion. For the second

Airbnb’s guidance for 2Q seems to have disappointed investors, but the company says it’s partly an issue with calendar shifts. CFO Ellie Mertz says on a call with analysts that the timing of Easter, which benefited results in 1Q, will be a headwind in 2Q on both revenue and margins. The company also notes a one-time payment processing incentive in the year-ago quarter and shifting in the timing of marketing spend. Airbnb’s forecast includes 8% to 10% revenue growth and a compression in margins. Shares fall 8.2% post-market.

Airbnb doesn’t expect the boom in listings and bookings from the Paris Olympics to vanish overnight. Bookings in Paris during 1Q were five times higher than a year ago, and there were 40% more active listings in Paris during the quarter. CFO Ellie Mertz says on a call with analysts that with pre-Covid events, there was typically a boom in supply, a portion of which sticks around after the event is done. “It’s a nice little supply acquisition moment for us,” Mertz says. Active listings were up 15% from a year earlier in 1Q. Shares drop 8.1% in post-market trading.

The following is a summary of the Airbnb, Inc. (ABNB) Q1 2024 Earnings Call Transcript: Financial Performance: Airbnb reported Q1 2024 revenue of $2.1 billion, an increase of 18% YoY. Net income was $264 million, with a margin of 12%. Reported a record-breaking free cash flow of $1.9 billion for Q1 and $4.2 billion on a trailing 12-month basis, reflecting a free cash flow margin of 41%. The company repurchased $750 million of its own shares in the quarter. Business Progress: A record-breaking Q1 with 133 million nights and experiences booked. Progress made on strategic initiatives: mainstreaming hosts, improving core services, and expanding beyond the core. Active hosting list grew 17% YoY. Over 430 new features launched to enhance services. As part of expansion plans, Airbnb saw growth in nights booked in less mature markets. Launched Icons, received positively, increasing offerings beyond travel accommodations. Improvements in user experience anticipated another

Online vacation-rental platform Airbnb Inc. on Wednesday forecast second-quarter sales that were a bit below Wall Street’s expectations, largely due to Easter falling in March this year, but the company said big events abroad like the Summer Olympics in Paris and the Euro Cup would help sales over the summer. Second quarter outlook misses expectations, but heavier European travel expected this summer. Airbnb (ABNB) offered that outlook as travel demand continues to hold up under stubborn inflation. And the forecast came as the company tries to expand abroad, to make it easier for groups to book locations and to move deeper into celebrity-themed stays and events via a new segment called Icons. Still, shares slid 8.4% after hours on Wednesday. The stock is up 24% over the past 12 months. The company said it expected second-quarter revenue of $2.68 billion to $2.74 billion. The midpoint of that forecast was below