Airbnb slides as muted outlook shows cracks in travel demand

Airbnb shares tumbled after the vacation home-rental company gave a cautious forecast for revenue in the second quarter, suggesting rising prices and a murky economic outlook are beginning to weigh on consumer appetite for trips. The San Francisco-based home-sharing company expects revenue of $2.35 billion to $2.45 billion in the three months ending in June, representing an increase of 12% to 16% from a year earlier and its slowest pace of growth yet. Analysts were projecting $2.

Bank failures, a rising rate of inflation, elevated mortgage payments and a softening labor market, especially in high-income sectors such as tech, could see tourists start to pull back on spending. Airbnb said in the first quarter average daily rates were $168, about the same “sustained elevated,” level from a year ago. Price appreciation was offset by the impact of foreign exchange, people’s willingness to pay, and a shift in bookings into urban and other types of rentals.

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