Airbnb beats earnings expectations for first quarter but offers weaker-than-expected guidance

On Wednesday, Airbnb posted first-quarter results that above analyst expectations, but provided lower-than-expected outlook. Shares plunged more than 6% during prolonged trading.

Here’s how the company performed relative to LSEG’s consensus expectations:

. Earnings per share: 41 cents compared to 24 cents projected.
. Revenue: $2.14 billion, compared to $2.06 billion predicted
Revenue rose 18% from $1.82 billion a year ago. Airbnb reported a net income of $264 million, or 41 cents per share, compared to $117 million, or 18 cents per share, during the same time last year.

The company expects revenue in the second quarter to range between $2.68 billion and $2.74 billion. Analysts expected $2.74 billion for the period, according to LSEG.

In a letter to shareholders, Airbnb stated that it is already seeing “robust demand for travel” ahead of the high summer season, particularly around forthcoming events such as the Olympics in Paris. The firm also expects year-over-year revenue growth to accelerate in the third quarter compared to the second quarter, owing in part to its summer travel backlog.

Other unusual events, such as the solar eclipse in North America, boosted user engagement with Airbnb’s platform in the first quarter. According to its investor letter, Airbnb hosted 500,000 guests during the eclipse.

Airbnb said that adjusted EBITDA for the first quarter was $424 million, up 62% year on year. Analysts polled by StreetAccount expected $326 million.

Airbnb’s gross booking value, which is used to track host revenues, service fees, cleaning fees, and taxes, was $22.9 billion in Q1. According to StreetAccount, the firm booked 132.6 million nights and experiences, a 9.5% increase over the previous year and more than analysts’ expectations of 132.1 million.

According to Airbnb, the Asia Pacific and Latin America regions have seen the most growth in the number of nights and experiences booked. According to the company’s shareholder letter, the surge in app downloads and usage has “particularly encouraged” them. Airbnb app downloads in the United States climbed by 60% year over year.

The company reported that average daily fees grew 3% from a year ago to $173 in the first quarter. According to the letter, it completed the quarter with the “highest number of active listings yet,” a 15% increase over the previous year.

Airbnb’s quarterly net income was $264 million. An earlier version incorrectly reported the figure.