Airbnb Stock Sinks on Slowing US Demand
Aug 7, 2024 By MarketDepth
Airbnb (ABNB) stock is getting hammered intraday as the company released its second-quarter earnings report stating a slowdown in demand. The company missed quarterly profit estimates and expects a moderation of year-over-year growth. The company states that Latin-America and Asia-Pacific are the fastest growing regions but less demand from the American market is dragging their earnings down.
The company expects earnings to come in at $3.67 billion to $3.73 billion but expectations of year-over-year growth will be moderated. Airbnb posted an EPS of $.86 which missed expectations of $.06. The company is seeing shorter lead times for bookings as guests are waiting to pull the trigger for bookings. Airbnb noted that over 200,000 listings were removed from the platform as the company enforces there new policy for meeting guest expectations.
Airbnb stock is down 13% intraday as the stock market rout crippled blue chip stocks and are struggling to recover. The stock is down 15% on the year and will struggle to see growth as the world is suffering from high interest rates.
