Airbnb (ABNB) reported second-quarter results late Tuesday that beat on earnings but missed slightly on revenue. Airbnb stock fell.
The company also announced a $2 billion stock buyback program.
The rental accommodations provider reported adjusted earnings of 56 cents a share on revenue of $2.1 billion. Wall Street expected Airbnb to report earnings of 45 cents a share on revenue of $2.11 billion, according to FactSet.
Airbnb stock fell 9.6% to 105 during after-hours trading on the stock market today. Shares are trading above their 50-day line. But Airbnb stock has an RS Rating of just 22 out of a best-possible 99. Its EPS Rating is 69.
The company reported more than 103 million nights and experiences booked, its largest quarterly number ever, but short of estimates.
Airbnb reported gross bookings of $17 billion, up 27% from the year-ago period.
The company is getting a boost as consumers shift their spending from goods to services. Consumers are eager to travel after being cooped up at home throughout the pandemic.
San Francisco-based Airbnb expects the travel boom to continue. It guided third-quarter revenue in the range of $2.78 billion to $2.88 billion, below the Wall Street estimate of $2.77 billion.
Despite more people returning to the office for work, Airbnb’s long-term stays, where guests stay in a home for 28 days or more, is still Airbnb’s fastest-growing segment, with 25% growth vs. the same quarter a year ago.
Please follow Brian Deagon on Twitter at @IBD_BDeagon for more on tech stocks, analysis and financial markets.
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