Expedia Hits Five-Month Low After Booking Miss, Guidance Cut [BNN Bloomberg (Canada)]
Airbnb, Inc. - Class A (ABNB)
Company Research
Source: BNN Bloomberg
The shares fell as much as 14% to $116.50 in New York on Friday. Piper Sandler analysts cut their rating for the stock to neutral from overweight as they wrote that “bookings growth is deteriorating” while increases in margins from tech improvements “remain elusive.” Seattle-based Expedia on Thursday posted first-quarter gross bookings of $30.2 billion, missing analysts' average estimate of $30.5 billion. The company cited a “slower than anticipated” recovery in its vacation rental business Vrbo. That, combined with slower-than-expected growth in the rest of its consumer business, led the company to lower its full-year sales guidance to “a range of mid to high single digit top line growth with margins relatively in line versus last year.” Room night growth and revenue were otherwise in-line with estimates. Vrbo's recovery has been slower than expected and has put pressure on gross bookings, Expedia Chief Executive Officer Peter Kern said on Thursday, adding in an earnings call wi
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ABNB
Earnings
- 5/8/24 - Beat
ABNB
Sec Filings
- 5/16/24 - Form 4
- 5/14/24 - Form 144
- 5/9/24 - Form 4
- ABNB's page on the SEC website