Airbnb shares drop 12% as company flags weakening US demand | Airbnb

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Airbnb shares drop 12% as company flags weakening US demand | Airbnb

The vacation rental company Airbnb forecast third-quarter revenue below Wall Street estimates on Tuesday and reported a lower second-quarter profit, as it flagged weakening demand from US customers.

Shares of the company were down about 12% after the bell.

Domestic travel in the ******* States has been pressured since the start of the year as more Americans grow cautious about travel spending amid growing economic uncertainty.

The San Francisco-based company reported quarterly profit of $555m compared to $650m last year.

It expects third-quarter revenue to be between $3.67bn and $3.73bn, below analysts’ estimate of $3.84bn, according to London Stock Exchange Group data.

Airbnb also expects moderating growth in nights booked in the third quarter and said it was experiencing shorter booking lead times globally.

Booking lead time is an important metric in the travel industry and refers to the number of days between the reservation date and actual arrival. A shorter booking window can indicate consumers are booking travel at the last minute, due to increased uncertainty and caution in spending.

The travel reservations provider Booking also said earlier this month that lead times had shrunk in the second quarter and were expected to shrink further in the third.

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