Airbnb Inc ABNB reported weaker-than-expected top line results for its second quarter.
Airbnb said second-quarter revenue increased 58% year-over-year to $2.1 billion, which missed the estimate of 2.11 billion. Airbnb expects third-quarter revenue to be between $2.78 billion and $2.88 billion versus the estimate of $2.77 billion.
Airbnb shares dropped 6.3% to $109.00 in pre-market trading.
Several analysts made changes to their price targets on Airbnb following the release of results.
- Needham lowered price target on the stock from $220 to $150. However, Needham analyst Bernie McTernan maintained Airbnb with a Buy.
- Piper Sandler reduced Airbnb price target from $174 to $121. However, Piper Sandler analyst Thomas Champion maintained a Neutral rating on the stock.
- Citigroup lowered the price target on the stock from $160 to $140. However, Citigroup analyst Ronald Josey maintained a Buy rating on the stock.
- Credit Suisse cut the price target on the stock from $190 to $165. However, Credit Suisse analyst Stephen Ju maintained a Neutral rating on the stock.
- Baird lowered Airbnb’s price target from $155 to $140. However, Baird analyst Colin Sebastian maintained the stock with an Outperform.
- Mizuho reduced price target on Airbnb from $175 to $135. However, Mizuho analyst James Lee maintained a Neutral rating on the stock.
- Deutsche Bank lowered Airbnb price target from $120 to $110. However, Deutsche Bank analyst Lee Horowitz maintained the stock with a Hold rating.
- Canaccord Genuity reduced price target on Airbnb from $200 to $175. However, Canaccord Genuity analyst Michael Graham maintained a Buy rating on the stock.
- DA Davidson cut the price target on the stock from $210 to $140. However, DA Davidson analyst Tom White maintained a Buy rating on the stock.
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