In this photo illustration, the Airbnb logo is shown on a computer monitor and a mobile phone on February 13, 2024 in Los Angeles, California.

Mario Tama | Getty Images

Airbnb reported first quarter results on Wednesday, which beat analysts’ estimates but offered weaker-than-expected guidance. Shares fell more than 6% in extended trading.

Here’s how the company fared compared to consensus expectations from LSEG:

  • Earnings per share: 41 cents vs. 24 cents expected
  • Income: $2.14 billion vs. $2.06 billion expected

Revenue was up 18% from $1.82 billion a year earlier. Airbnb reported net income of $264 million, or 41 cents per share, compared with $117 million, or 18 cents per share, in the same period last year.

The company said second-quarter revenue would be between $2.68 billion and $2.74 billion. Analysts had expected $2.74 billion for the period, according to LSEG.

In its letter to shareholders, Airbnb said it was already experiencing “significant travel demand” ahead of the peak summer season, particularly around upcoming events such as the Paris Olympics. The company also said it expects annual revenue growth for the third quarter to accelerate compared to the second quarter, in part due to a lag in summer travel.

Other special events such as the North American solar eclipse helped drive engagement on Airbnb’s platform in the first quarter. The company said it had 500,000 guests staying on Airbnb during the blackout, according to its investor letter.

Airbnb said adjusted EBITDA for the first quarter was $424 million, up 62% year over year. Analysts polled by StreetAccount had expected $326 million.

Gross booking value, which Airbnb uses to track host profits, service fees, cleaning fees and taxes, was $22.9 billion in the first quarter. The company reported 132.6 million nights and experiences booked, up 9.5% from a year ago and more than the 132.1 million analysts expected, according to StreetAccount.

Growth in Airbnb nights and experiences booked was led by the Asia Pacific and Latin America regions, Airbnb said. The company is “particularly encouraged” by the growth in downloads and usage of its apps, according to its shareholder letter. Airbnb app downloads in the US increased 60% year-over-year.

Average daily rates rose 3 percent from a year earlier to $173 in the first quarter, the company said. It ended the quarter with “its highest number of active listings ever,” according to the letter, which jumped 15% from a year earlier.

Correction: Airbnb’s quarterly net income was $264 million. An earlier version misstated the number.