AIRBNB POSTS $117 MILLION PROFIT, BUT 20 OUTLOOK DISAPPOINTS

Airbnb said this week that it earned $117 million in the first quarter as revenue rose during the ongoing recovery in travel, but the company's outlook for late spring and early summer disappointed investors

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The San Francisco-based company's shares fell nearly 12% in extended trading hours after Airbnb posted the forecast.

The weak outlook overshadowed Airbnb's first profit in the first three months of the year, a seasonally slow period for travel.

The company's profit compared with a loss of $19 million a year earlier and worked out to 18 cents per share. Revenue climbed 20% to $1.82 billion, beating Wall Street's forecast of $1.79 billion, according to a FactSet survey.

Nights and experiences booked, a closely watched measurement for Airbnb, increased 19% to 121 million, and the company valued the bookings made in the quarter at $20.4 billion, a 19% increase.

"We have seen our highest number of active bookers ever despite continued macroeconomic uncerainty," CEO Brian Chesky said during a call with analysts.