Airbnb shares fell on Wednesday (May 10) after the real estate rental giant’s gloomy outlook for the summer travel season. The company’s top executives lost billions of dollars.
Hassan from Airbnb Exceeding analyst expectations for quarterly earnings and sales, investors clung to the company’s outlook for “unfavorable” gross booking numbers in a crucial summer quarter and the company’s weakest year-over-year revenue growth in the past two years.
Analyst says Airbnb’s share price ‘will remain under pressure until it shows a clear path for meaningful growth’ in bookings Lee Horowitz Deutsche Bank.
The stock then fell 11% to $113 in trading Wednesday, marking its lowest price in nearly three months in its biggest one-day drop since going public at $146 in December 2020.
The billionaire co-founders of Airbnb, Nathan PlecharczekAnd Brian Chesky And Joe Gebbialost approx Three billion dollars of their net worth when the stock crashed on Wednesday, according to calculations he conducted Forbes.
Nathan Plecharczek ($7.7 billion), Brian Chesky ($8.9 billion) and Joe Gebbia ($7.3 billion) are among the 400 richest people in the world. The trio lost nothing $12 billion Since April 2021, when their net worth combined $38.5 billion.
Airbnb shares have now lost more than 50% of their value from a high of $217 in February 2021. This drop is much larger than the 12% drop recorded by the Nasdaq, a tech-heavy index, during this period. Airbnb was one of the leaders in the IPO boom in 2020 and 2021 and today joins a slew of newly listed companies under pressure from shareholders. Food delivery company DoorDash and software company Snowflake, the biggest IPOs of 2020, have lost about 60% and 30% of their value respectively since going public.
Strategists led by Bernstein wrote that the fall in Airbnb shares after the earnings release was an “overreaction”. Richard Clarke On a note to clients, he reiterated their Buy rating and $140 price target for the company, which suggests the stock is up 25%. “The best is yet to come for Airbnb,” according to Richard Clarke, who says the downward revision of future earnings is just a “brief time effect” that precedes future growth.
“We hope to design some of the best AI interfaces,” said Brian Chesky. the edge This month is about Airbnb’s ambitions in the burgeoning field of generative AI. “We will try to understand you deeply, to get to know you, to be interested in you, and to be able to understand your preferences.”
Translated article from the American magazine Forbes – Author: Derek Saul
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