Airbnb (ABNB, Financial) experienced a 4.3% drop in pre-market trading, bringing its stock price down to $141. The company reported third-quarter revenue of $3.73 billion, an increase of 10% year-over-year, slightly surpassing market expectations of $3.72 billion.
The net profit registered was $1.4 billion, which included a $2.8 billion deferred tax asset accounting adjustment. In comparison, the profit recorded in the same period last year was $4.4 billion. The adjusted earnings per share were $2.13, just under the market estimate of $2.14.
Looking ahead, Airbnb projects its fourth-quarter revenue will range between $2.39 billion and $2.44 billion, representing an 8% to 10% increase from the previous year. However, this range's midpoint is slightly below the market expectation of $2.42 billion.
