Airbnb posts $117 million profit, but 2Q outlook disappoints

Airbnb reported a $117m profit in Q1 as revenue increased by 20% to $1.82bn. However, while the figures beat analysts’ forecasts, shares in the company fell by almost 12% after it predicted second-quarter bookings and revenue growth would be less than a year earlier. In Q1, the number of nights and experiences booked rose by 19% to 121 million with Airbnb’s gross value of bookings worth $20.4bn. The weak outlook for Q2 overshadowed what was Airbnb’s first profitable first quarter and CEO Brian Chesky said he is increasingly concerned that rising prices could deter some customers.