Airbnb is reporting a $1.2 billion profit for the third quarter but giving a cautious outlook for the fourth quarter.
FILE - Airbnb's website is displayed on a web browser on May 8, 2021, in Washington. Airbnb reported a record $1.21 billion profit for the third quarter as bookings and average daily rates increased, and the company said Tuesday, Nov. 1, 2022, that demand for short-term rentals remains strong despite uncertainty over the economy.
The profit and bookings were both less than Wall Street expected, however. The company said bookings growth will slow in the fourth quarter while average daily rates will also be pressured.Airbnb shares have dropped nearly 35% this year despite the recovery in travel, a highly profitable first half of the year, and relentlessly upbeat commentary from CEO Brian Chesky and other company leaders.
Airbnb faces other, more fundamental threats, perhaps none bigger than the perception among many guests that bookings on the site are no longer a bargain because of high cleaning fees and misleading listings.
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