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Airbnb sinks on budget travel trend

Airbnb beat Wall Street's expectations for earnings and revenue Tuesday, reporting its first-ever first-quarter profit — but its stock has still plummeted by double digits. The short-term rental platform is warning of a potential slowdown in the second quarter, saying the shaky economy is starting to hamper travel as customers rethink their spending. Executives also say investors should prepare for underwhelming comparisons thanks to last year's "revenge travel" boom, an upswell in demand that followed the loosening of pandemic-related restrictions.

  • Airbnb co-founders Nathan Blecharczyk, Brian Chesky and Joe Gebbia have together lost US$3.5 billion in the stock route, Forbes estimates.

  • The company last week unveiled several new features and said it would push single-room rentals to appeal to budget-minded travelers.

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