Airbnb: first net profit for a Q1
(CercleFinance.com) - Airbnb reported a net profit of $117m for Q1 2023, marking its first profit for this period of the year under GAAP, as well as an adjusted EBITDA up 14% to $262m.
The short-term rental platform also reported a record Q1 in terms of revenue, with revenues up 20% (+24% excluding currency effects) to $1.8bn.
Nevertheless, Jefferies expects a negative reaction to what it sees as disappointing guidance for Q2, in particular pointing to efforts to reduce prices in order to stimulate demand, which explains why it is reducing its target price for the share, while maintaining a "buy" rating on the stock.
Copyright (c) 2023 CercleFinance.com. All rights reserved.
The short-term rental platform also reported a record Q1 in terms of revenue, with revenues up 20% (+24% excluding currency effects) to $1.8bn.
Nevertheless, Jefferies expects a negative reaction to what it sees as disappointing guidance for Q2, in particular pointing to efforts to reduce prices in order to stimulate demand, which explains why it is reducing its target price for the share, while maintaining a "buy" rating on the stock.
Copyright (c) 2023 CercleFinance.com. All rights reserved.