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Airbnb Revenue Beats Revenue Expectations for First Quarter

But Airbnb bookings fall more than forecast for latest reporting period.
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Airbnb  (ABNB) - Get Airbnb Report  first-quarter revenue beat expectations after the bell Thursday, but its loss for the period came in wider than analyst forecasts. 

The vacation rental company reported that revenue totaled $886.94 million for the quarter, up 5% from $841.83 million last year. The FactSet analyst consensus called for $720.8 million for the latest quarter.

Airbnb posted a loss of $1.17 billion, or $1.95 a share, in the latest quarter, widening from $340.6  million, or $1.30 a share a year ago. The analyst consensus called for a loss of $1.17 a share in the latest quarter.

Gross bookings slid to $6.77 billion from $10.29 billion. Analysts forecast $7.87 billion for the latest quarter.

Airbnb stock recently rose $3.65, or 2.7%, to $139.40 in after-hours trading. The stock dropped 3.2% in the regular session, ahead of the financial report. Airbnb has fallen more than 20% in the last month amid valuation concerns.

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“With the rollout of vaccines and the easing of some travel restrictions, our business significantly improved in Q1 2021 compared with the same period a year ago,” the company said, in a statement.

“People’s desire to travel, combined with our tightly managed expenses, drove a return to positive topline growth with materially improved adjusted EBITDA.” That metric totaled negative $59 million, shrinking from negative $334 million a year earlier.

TheStreet.com offered a timeline of important dates in Airbnb’s history Thursday.

In February, TheStreet.com founder Jim Cramer discussed where he sees value in the company.

Prior to the earnings report, Morningstar analyst Dan Wasiolek put fair value for the stock at $75. “While COVID-19 has materially affected near-term travel demand, we think Airbnb exhibits solid financial health to withstand these headwinds,” he wrote in March.