Online holiday rental platform Airbnb has disappointed the stock market with its business outlook for the current quarter.
The share price fell by more than 7% at times in after-hours trading on Wednesday. The company stressed that it was expecting strong business in the summer, including around the European Football Championship in Germany and the Olympic Games in Paris.
Turnover in the first quarter rose by 18% year-on-year to $2.1 billion, exceeding analysts' estimates. Profit rose from $117 million a year ago to $264 million, according to Airbnb.
Earnings per share also significantly exceeded market expectations.
However, the revenue forecast for the current quarter was cautious at $2.68 billion to $2.74 billion. Analysts had expected an average of $2.74 billion.
The results of the past quarter and the forecast for the current quarter were also influenced by the fact that the Easter holidays and the associated travel traffic fell in March this year, Airbnb stressed.