Airbnb: Why Shares Dropped Today and What Analysts Now Expect

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Airbnb: Why Shares Dropped Today and What Analysts Now Expect

Airbnb Inc (NASDAQ:) shares tumbled more than 6% on Thursday after the vacation rental company issued a weaker-than-expected

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for the current quarter.

The stock had gained about 9.34% over the past 12 months. For the quarter ending March 2024, Airbnb had reported an

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of $0.41, beating expectations by approximately 75%.

The stock finds a zone of support between $141 and $148 from the 200-day moving average and price action dating back to September last year.

However, ******** to hold above this support zone opens the door for Airbnb’s stock price to potentially decline to lower support around $126.

Why Airbnb Stock Dipped Today

Airbnb reported first-quarter revenue of $2.14 billion, up 18% year-over-year, and adjusted earnings per share of $0.41, beating analyst estimates of $2.06 billion in revenue and $0.24 EPS.

Despite the strong results, Airbnb’s second-quarter revenue forecast of $2.68-$2.74 billion, representing 8-10% growth, had its midpoint below the $2.74 billion Wall Street consensus, disappointing investors.

The company cited headwinds to second-quarter results from the timing of Easter, an extra leap-year day in the first quarter, and foreign exchange fluctuations.

Jefferies maintained a Hold rating and $150 price target on Airbnb stock, stating that the results ******* to ease growing fears of slowing growth. Morgan Stanley kept an Underweight rating and $120 target as room night growth continues to underwhelm.

Bank of America acknowledged Airbnb’s strong first-quarter performance but noted that the company’s

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reflects slowing travel growth. As a result, BofA cut its price target on Airbnb stock to $160 from $168.

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Neither the author, Tim Fries, nor this website, The Tokenist, provide financial advice. Please consult our

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prior to making financial decisions.

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#Airbnb #Shares #Dropped #Today #Analysts #Expect

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