Shares of Airbnb (NASDAQ:ABNB) lost over 10% in after-hours trading after the company reported earnings for its first quarter of Fiscal Year 2023. Earnings per share came in at $0.18, which beat analysts’ consensus estimate of $0.10 per share. Sales increased by 20.5% year-over-year, with revenue hitting $1.82 billion. This beat analysts’ expectations of $1.79 billion.
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This quarter proved a milestone for Airbnb, as it was the first profitable Q1 by GAAP measures. Airbnb brought in $117 million in net income, up $136 million from the first quarter of 2022. Airbnb saw a gross booking value of $20.4 billion as well, up 19% from this time last year. In total, Airbnb customers booked just over 121 million nights and experiences, up 19% year-over-year. Active listings were up slightly less, just 18% against this time last year, but the average daily rate remained about the same at $168. Management also announced a share buyback program, targeting class A common stock and supported by as much as $2.5 billion.
Management also offered some projections going forward. It noted a likely miss for revenue at between $2.35 billion and $2.45 billion, which compares to analyst projections calling for $2.42 billion.
Overall, Wall Street has a consensus price target of $142.03 on Airbnb stock, implying 11.15% upside potential, as indicated by the graphic above.
