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Airbnb (ABNB) Stock: Second-Quarter Loss Narrows as Revenue

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DiscoverGold Member Level  Thursday, 08/12/21 08:02:13 PM
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Airbnb (ABNB) Stock: Second-Quarter Loss Narrows as Revenue Rebounds
By: TheStreet | August 12, 2021

• Vacation rental operator cautions that delta variant is prompting cancellations.

Airbnb (ABNB) said after the bell Thursday that its second-quarter loss narrowed sharply on rebounding revenue, but cautioned that the fast-spreading delta variant of the COVID-19 virus is beginning to affect its business.

The company reported a loss per share of 11 cents on revenue of $1.34 billion in the just completed period.

It had been expected to lose 36 cents a share, on sales of $1.3 billion, based on a FactSet survey of 28 analysts.

In the same period a year ago the company posted a loss of $1.51 a share on sales of $334.9 million, according to FactSet.

“The strength of our Q2 results indicate two things: people are ready to travel, and Airbnb is ready to host them,” Airbnb said in a letter to shareholders.

However: “In the near term, we anticipate that the impact of COVID-19 and the introduction and spread of new variants of the virus, including the Delta variant, will continue to affect overall travel behavior, including how often and when guests book and cancel. As a result, year-over-year comparisons for Nights and Experiences Booked and GBV will continue to be more volatile and non-linear.”

The stock has risen 9.1% since the company last reported earnings on May 13.

In after-hours trading on Thursday, shares of Airbnb fell $5.04, or 3.3%, to $146.11.

The stock had risen 2% during the regular trading session.

In late May, analysts at RBC initiated the stock with an outperform rating, arguing the company represented more than just a so-called re-opening play.

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