Why Airbnb Is Down 30% This Year
The pandemic-related travel boom of 2021 and 2022 has helped Airbnb (NASDAQ: ABNB) have one of its best years ever. Yet despite its strong business performance as of late, the vacation rental company's stock is down 30% year to date.
The ongoing bear market downturn is largely to blame for Airbnb's big fall. But some investors are wondering if a bigger issue could be looming for this high-growth stock.
Airbnb's beaten-up share price today is mostly due to bad timing. The company went public in December 2020 as the world was still in the thick of the coronavirus pandemic. Many were surprised that it chose to follow through on its IPO plan given the state of the travel industry at that point, but it did, and had an extremely successful debut. Its shares opened their first trading day roughly 115% above their IPO price.
Source Fool.com
