Airbnb Stock Tumbles On Airbnb Stock On Mixed Q3 Results

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Airbnb reported third-quarter earnings on Thursday that were shy of analyst estimates, though it squeaked in a small revenue beat.

Revenue increased 10% from $3.4 billion a year earlier. Airbnb reported net income of $1.37 billion, or $2.13 per share, compared with $4.37 billion, or $6.63 per share, in the same period last year. The company noted a $2.8 billion tax benefit during the third quarter of 2023.

The company expects to report revenue between $2.39 billion and $2.44 billion during its fourth quarter. Analysts were expecting $2.42 billion for the period, according to LSEG.

In a letter to shareholders, Airbnb said it is focused on expanding beyond its core markets and into under-penetrated markets around the globe. The average growth rate of nights booked in Airbnb’s expansion markets was double that of its core markets on an origin basis during the third quarter, the company said.