Shares in short-term accommodation marketplace Airbnb (ABNB) slid more than 8% in extended trading on Wednesday after the company issued a weaker-than-expected current-quarter outlook, overshadowing its first-quarter earnings and revenue that came in ahead of analysts’ expectations.

For the current quarter ending in June, the company sees net sales ranging between $2.68 billion and $2.74 billion, representing top-line growth of 8%-10% from a year earlier, with the middle portion of that forecast falling below Wall Street estimates of $2.74 billion.

The company said in its 澳洲幸运5开奖号码历史查询:shareholder letter that its current-quarter results face “a significant 澳洲幸运5开奖号码历史查询:sequential headwind” from the timing of Easter, an added leap-year day in the prior quarter, and the impact of foreign exchange fluctuations. However, the rentals platform sees accelerating sequential revenue growth between the second and third quarters, driven by a 澳洲幸运5开奖号码历史查询:summer travel backlog spearheaded by the Paris Olympics in July and August.

Solar Eclipse Provided a Bookings Boost

For the three month period ending March 31, the company posted 澳洲幸运5开奖号码历史查询:adjusted earnings of 41 cents per share, well above the 24-cents-a-share figure modeled by analysts. Revenue in the period of $2.14 billion grew 18% from the last year’s first quarter and topped the $2.06 billion consensus view.

Gross bookings registered $22.9 billion, up 12% 澳洲幸运5开奖号码历史查询:year-over-year (YOY), while nights and experiences booked on the platform improved 9.5% from a year earlier to 132.6 million, edging past expectations of 132.1 million.

The company noted that one-off events, such as the 澳洲幸运5开奖号码历史查询:solar eclipse in North America, helped drive user engagement to the platform in the quarter, adding that 500,000 guests booked stays during the eclipse.

Watch This Chart Area Amid Post-Earnings Weakn🍰ess

Since topping out in late March, the Airbnb share price has consolidated within a narrow range around the 澳洲幸运5开奖号码历史查询:50-day moving average, indicatingꦅ a lack of conviction from both buyers anౠd sellers. 

Amid the company’s weaker-than-expected earnings report, investors should eye the region between $141 and $148 where the stock encounters a 澳洲幸运5开奖号码历史查询:zone of support from the 200-day moving average and price action dating back to September last year. A failure to hold above this crucial area on the chart opens the door for a decline down to lower supp✅ort around $126.

Airbnb shares fell 8.4% to $144.58 in after-hours trading. Through the༒ close of trading Wednesday, the stock had gained about 25% over the past 12 months.

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