Airbnb shares fell sharply as weak outlook signals slowing demand for travel. This was reported by Reuters, EP reports.
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Airbnb shares fell nearly 16% in previous trading on Wednesday after the online travel company forecast below-expected third-quarter revenue, citing slowing demand in the U.S. and shorter windows bookings.
The shortened booking window may indicate that consumers are booking trips at the last minute due to increased uncertainty and spending caution.
Domestic travel in the U.S. has been under pressure since the beginning of the year, as more Americans have become more cautious about travel spending due to concerns about the health of the economy.
Airbnb’s Q3 2024 forecast for overnight stays to grow 6% to 8% year over year, down from 8.7% in the second quarter.
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