Airbnb Falls as Summer Bookings Boom Undercut by High Expectations

Airbnb Inc. reported record revenue in the second quarter and said the current period would produce another all-time high. The home-rental company also swung to a profit in the three months ending in June as desperate travelers continued to book accommodations despite rising prices.

But that wasn’t good enough for Wall Street, which punished the company by sending shares down 6.1% in New York on Wednesday. The market was disappointed by Airbnb’s forecast for nights and experiences booked in the third quarter, which the company expects to increase about 25% from a year earlier, a similar rate to the second quarter.