That was below analysts’ average prediction of $2.42 billion. The company predicted that revenue in the second quarter, which includes the start of the peak summer travel season, would be around $2.40 billion. The company said bookings will grow more slowly than revenue in the April-through-June period, and the average daily rental rate will be “slightly lower” than a year earlier. However, Airbnb said second-quarter bookings growth won’t look as robust as they did a year earlier, when consumers were busy booking travel after hunkering down at home during the outbreak of COVID-19’s omicron variant. “We have seen our highest number of active bookers ever despite continued macroeconomic uncerainty,” CEO Brian Chesky said during a call with analysts. 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. Revenue climbed 20% to $1.82 billion, beating Wall Street’s forecast of $1.79 billion, according to a FactSet survey.

The company’s profit compared with a loss of $19 million a year earlier and worked out to 18 cents per share. The weak outlook overshadowed Airbnb’s first profit in the first three months of the year, a seasonally slow period for travel. The San Francisco-based company’s shares fell nearly 12% in extended trading hours after Airbnb posted the forecast. Airbnb said Tuesday 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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