Why Airbnb Stock Plunged This Week
Shares of Airbnb (NASDAQ: ABNB) fell 16.6% this past week, according to data provided by S&P Global Market Intelligence, following the release of the short-term rental leader's third-quarter financial results.
Airbnb's revenue surged 29% year over year (YOY) to $2.9 billion. Excluding foreign exchange movements, the rental real estate platform's sales growth would have been an even more impressive 36%. These results surpassed Wall Street's estimates, which had called for revenue of $2.8 billion.
The gains were fueled by a 25% jump in nights and experiences booked to 99.7 million. In turn, Airbnb's gross booking value increased by 31% to $15.6 billion.
Source Fool.com
