Airbnb (NASDAQ: ABNB) investors were seeing red early Wednesday. The rental platform's stock was down 11% by 11:15 a.m. ET, compared to a modest uptick for the S 500. The slump only erased a small portion of shareholders' recent gains, though. Airbnb is up over 30% so far in 2023 compared to a 7% increase in the wider market.

Wednesday's decline was sparked by the company's first-quarter earnings update.

Airbnb said before the market opened that sales grew 20% to $1.8 billion for the first quarter. That result put revenue right within the outlook range that management issued back in February, calling for growth between 16% and 21%. Executives said travel demand remains elevated in early 2023, citing a 25% increase in its backlog of bookings. "We had a strong start to 2023," management said in a letter to shareholders.

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Source Fool.com