Airbnb (ABNB) reported first-quarter results late Thursday that beat on bookings and revenue but fell short on earnings as vacationers returned to traveling. Airbnb stock wavered.
The company reported an adjusted loss of $1.95 a share on revenue of $886.9 million. Analysts expected Airbnb to report an adjusted loss of $1.07 on revenue of $720.8 million, according to FactSet. Revenue rose 5% from the year-ago quarter.
Airbnb stock fell 3.2% Thursday but bobbed up and down during after-hours trading on the stock market today.
The company said gross bookings jumped 52% to $10.29 billion in the quarter, beating estimates of $6.93 billion.
“With the rollout of vaccines and the easing of some travel restrictions, our business significantly improved in Q1 2021 compared with the same period a year ago,” the company said in written remarks with the Airbnb earnings release.
Airbnb Stock: IPO Exceeds Expectations
Airbnb said it recorded “significant items” totaling $782 million during the quarter, “most of which were not related to its day-to-day operations.” They included a $377 million loss related to the repayment of term loans.
In mid-December, Airbnb held an initial public offering that raised $3.5 billion and widely exceeded heightened expectations. The popular online marketplace for vacation rentals was the largest IPO of the year.
Airbnb stock jumped 113% on its first day of trading. Since reporting its fourth-quarter results, Airbnb stock is down 27%.
More to follow.
Please follow Brian Deagon on Twitter at @IBD_BDeagon for more on tech stocks, analysis and financial markets.
YOU MAY ALSO LIKE: