What's Going On With Airbnb Stock Today?

Airbnb Inc ABNB shares are trading lower Wednesday following the company’s fourth-quarter financial results. One analyst also downgraded the stock following the print.

What To Know: Airbnb said fourth-quarter revenue increased 17% year-over-year to $2.22 billion, which beat the consensus estimate of $2.16 billion, according to Benzinga Pro. The company reported adjusted earnings of $0.76 per share.

Airbnb said it generated $63 million in net cash from operating activities and $46 million in free cash flow during the quarter. Airbnb had $10.1 billion in cash, equivalents and short-term investments as of the end of the year.

Gross booking value totaled $15.5 billion, up 15% year-over-year. Nights and Experiences booked came in at 98.8 million, up 12% year-over-year. Average daily rates came in at $157 in the fourth quarter, up 3% year-over-year.

"We remain committed to maintaining financial discipline and delivering strong profitability. We also believe we have meaningful growth opportunities ahead," the company said in a letter to shareholders.

Airbnb expects first-quarter revenue to be in the range of $2.03 billion to $2.07 billion versus estimates of $2.03 billion. The company expects its take rate to be notably higher on a year-over-year basis.

Airbnb’s board also approved a share repurchase program of up to $6 billion.

Following the company’s quarterly results, DA Davidson analyst Tom White downgraded Airbnb from Buy to Neutral and announced a price target of $145, while Needham analyst Bernie McTernan maintained a Buy rating and raised the price target from $150 to $160.

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ABNB Price Action: Airbnb shares were down 3.66% Wednesday morning at $145.42, according to Benzinga Pro.

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