Airbnb Q2 earnings decline by 12.2%, revenues increase 11% year-over-year.

From Nasdaq: 2024-08-07 12:15:00

Airbnb reported adjusted earnings of 86 cents per share for the second quarter of 2024, a 12.2% decline from the previous year, missing estimates by 6.5%. Revenues reached $2.75 billion, a year-over-year increase of 11%. Nights and Experiences Booked grew by 9% to 125.1 million, with a GBV of $21.28 billion and solid app downloads.

Operating results showed adjusted EBITDA of $894 million, up 9% year over year. Balance sheet figures as of June 30, 2024, saw cash and equivalents of $11.3 billion and short-term investments. Free cash flow in the second quarter totaled $1.0 billion with long-term debt of $1.993 billion.

For the third quarter, Airbnb expects revenues between $3.67 billion and $3.73 billion, while anticipating a higher take rate and a decrease in EBITDA margin. The company aims for an adjusted EBITDA margin of at least 35% for 2024. Airbnb currently holds a Zacks Rank #3 (Hold).

Other top-ranked stocks in the tech sector include Badger Meter, Arista Networks, and Apple with Zacks Ranks ranging from Strong Buy to Buy. These stocks have shown gains in the year-to-date period, with favorable long-term earnings growth rate projections. Further potential investment opportunities are highlighted in the full Zacks report.



Read more at Nasdaq: Airbnb (ABNB) Q2 Earnings Miss Estimates, Revenues Up Y/Y