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## Airbnb’s Profit More Than Doubles, Stock Drops in After-Market Trading

SAN FRANCISCO (AP) — Airbnb reported a significant increase in profit last quarter, with net income soaring to $264 million from $117 million the previous year. This impressive growth, however, was overshadowed by the company’s disappointing revenue forecast, leading to a approximately 7% decline in its stock price during after-market trading on Wednesday.

## Factors Driving Airbnb’s Earnings Growth

The San Francisco-based vacation rental app attributed its earnings growth to various factors, including the timing of the Easter holiday which fell in the first quarter of this year as opposed to the second quarter in 2023. Additionally, the inclusion of the Feb. 29 “leap day” in the quarter provided an extra day of business compared to the previous year.

## Airbnb’s Projections for the Second Quarter

While Airbnb’s first quarter results exceeded analyst expectations, the company’s revenue forecast for the second quarter fell short of Wall Street estimates. Airbnb projected revenue between $2.68 billion and $2.74 billion for the upcoming quarter, citing unfavorable exchange rates and the earlier occurrence of Easter as contributing factors.

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