(Please read “Tuesday” in the first paragraph)
(Reuters) – Airbnb on Tuesday reported a weaker-than-expected third-quarter revenue forecast, as shorter booking times suggested travelers were waiting until the last minute to book stays due to economic uncertainty.
Shares of the San Francisco-based company were down 15% in after-hours trading.
The U.S. travel market has been under pressure since the start of the year, as many Americans postpone their travel plans amid concerns about the health of the economy.
Airbnb said it expects third-quarter revenue of $3.67 billion to $3.73 billion, compared with consensus expectations of $3.48 billion.
The group expects modest growth in the number of overnight stays in the third quarter and said it is seeing shorter booking times.
Airbnb’s revenue for the quarter ended June 30 was $2.75 billion, above analysts’ expectations of $2.74 billion.
(Doyinsola Oladipo in New York and Aishwarya Jain in Bangalore; Camille Raynaud)
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