Shares of Airbnb (NASDAQ:ABNB) fell in after-hours trading after the company reported earnings for its third quarter of Fiscal Year 2023. Earnings per share came in at $6.63, which beat analysts’ consensus estimate of $2.12 per share.
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Sales increased by 18% year-over-year, with revenue hitting $3.40 billion. This beat analysts’ expectations by $30 million. For reference, analysts were expecting $3.37 billion in revenue.
Looking forward, management now expects revenue for Q4 2023 to be in the range of $2.13 billion to $2.17 billion, weaker than analysts’ expectations of $2.18 billion.
Airbnb expects its business to slow down in the fourth quarter as macroeconomic factors and geopolitical conflicts may impact travel demand.
Is Airbnb a Buy, Sell, or Hold?
Turning to Wall Street, analysts have a Hold consensus rating on ABNB stock based on six Buys, 11 Holds, and two Sells assigned in the past three months, as indicated by the graphic above. Furthermore, the average ABNB price target of $148.66 per share implies a 24.40% upside potential.
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