Economics

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Airbnb shares drop 12% as company flags weakening US demand (www.theguardian.com)

submitted 3 months ago by MicroWave to c/economics

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The vacation rental company Airbnb forecast third-quarter revenue below Wall Street estimates on Tuesday and reported a lower second-quarter profit, as it flagged weakening demand from US customers.

Shares of the company were down about 12% after the bell.

Domestic travel in the United States has been pressured since the start of the year as more Americans grow cautious about travel spending amid growing economic uncertainty.

The San Francisco-based company reported quarterly profit of $555m compared to $650m last year.

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[–] givesomefucks 10 points 3 months ago (1 children)

It's crazy its hung on this long.

Everyone I know stopped using it like five years ago. I really thought Covid would have killed it.

Whenever it finally dies tho. It's going to be a lot of housing back on the market in a very short time

[–] pdxfed 6 points 3 months ago

The problem isn't the idea, it's the system in which it's operating which requires enshittification.