-- Airbnb's (ABNB) first-quarter earnings lagged Wall Street's estimates, while the vacation rental company reported higher-than-expected revenue amid demand momentum.
Earnings per share rose to $0.26 from $0.24 a year earlier, but trailed the FactSet-polled consensus of $0.30. Revenue increased 18% year-over-year to $2.68 billion, above the Street's $2.62 billion view.
Revenue benefited from strong growth in nights stayed and "a meaningful increase" in average daily rate, Airbnb said in a shareholder letter.
Gross booking value, which includes host earnings, service and cleaning fees and taxes, advanced 19% annually to $29.2 billion, compared with $27.82 billion modeled by analysts.
Nights and seats booked grew 9% to 156.2 million, compared with the Street's 155.8 million view. The metric represents the total number of nights booked for stays and seats booked for services and experiences, net of cancellations and alterations.
"We're navigating a period of macroeconomic and geopolitical uncertainty," the company said. "We saw that show up in slightly elevated cancellations this quarter in (Europe, the Middle East, and Africa) and Asia Pacific, primarily driven by the conflict in the Middle East."
For the second quarter, Airbnb forecast revenue of $3.54 billion to $3.60 billion, reflecting annual growth of 14% to 16%. The consensus is for $3.46 billion.
Gross booking value is seen rising in the low-double-digit range amid gains in nights and seats booked, Airbnb said.
The company expects the full-year revenue growth to accelerate to low to mid-teens, compared with the prior outlook that called for growth of at least low double digits. The consensus indicates $13.71 billion in revenue this year.
Shares rose 1.8% in after-hours trade. The stock is up about 3.5% since the start of the year through Thursday's close.