Airbnb, Inc. ABNB reported better-than-expected third-quarter financial results, but issued weak fourth-quarter forecast.
Airbnb said third-quarter revenue increased 18% year-over-year to $3.4 billion, which beat the consensus estimate of $3.37 billion. The company reported quarterly earnings of $6.63 per share, which beat analyst estimates of $2.10 per share.
Airbnb sees fourth-quarter revenue in the range of $2.13 billion to $2.17 billion, as against a consensus of $2.18 billion.
Airbnb shares fell 2.3% to trade at $116.69 on Thursday.
These analysts made changes to their price targets on Airbnb following earnings announcement.
- Needham cut the price target on Airbnb from $160 to $150. Needham analyst Bernie McTernan maintained a Buy rating.
- Wedbush lowered the price target on Airbnb from $145 to $135. Wedbush analyst Scott Devitt maintained a Neutral rating.
- Morgan Stanley slashed the price target on Airbnb from $110 to $105. Morgan Stanley analyst Brian Nowak maintained an Underweight rating.
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