Why Airbnb Stock Is Tumbling Today
You wouldn't know it by looking at Airbnb's (NASDAQ: ABNB) share price today, but the travel booking platform reported strong second-quarter results late yesterday. The company's earnings per share (EPS) in the quarter easily outpaced Wall Street's consensus estimate, but investors might have focused their attention on the fact that revenue fell below analysts' average estimate.
As a result, the travel stock was down by 5.6% as of 10:41 a.m. ET today.
The company's earnings were solid in the second quarter, with adjusted EPS of $0.56 beating analysts' consensus estimate of $0.44. Adding to the good news was the fact that the company's net income rose to $379 million, up from a loss of $68 million in the year-ago quarter, making the second quarter the most profitable in Airbnb's history.
Source Fool.com
