Airbnb reported first-quarter outcomes on Wednesday that beat analysts’ estimates however supplied weaker-than-expected steering. Shares fell greater than 6% in prolonged buying and selling.

Here is how the corporate did, in contrast with consensus expectations from LSEG:

• Earnings per share: 41 cents vs. 24 cents anticipated
• Income: $2.14 billion vs. $2.06 billion anticipated

Income elevated 18% from $1.82 billion a yr earlier. Airbnb reported a web revenue of $264 million, or 41 cents per share, in comparison with $117 million, or 18 cents per share, in the identical interval final yr.

The corporate stated income in its second quarter will are available in between $2.68 billion and $2.74 billion. Analysts had been anticipating $2.74 billion for the interval, in keeping with LSEG.

In its letter to shareholders, Airbnb stated it’s already experiencing “sturdy demand for journey” forward of the height summer season season, significantly round upcoming occasions just like the Olympics. The corporate additionally stated it expects that year-over-year income progress for its third quarter will speed up in comparison with the second quarter, partially due to its summer season journey backlog.

Different particular occasions just like the photo voltaic eclipse in North America helped drive engagement with Airbnb’s platform in the course of the first quarter. The corporate stated it had 500,000 visitors keep on Airbnb in the course of the eclipse, in keeping with its investor letter.

Airbnb stated adjusted EBITDA for the primary quarter was $424 million, up 62% yr over yr. Analysts polled by StreetAccount had been anticipating $326 million for the quarter.

Gross reserving worth, which Airbnb makes use of to trace host earnings, service charges, cleansing charges and taxes, got here in at $22.9 billion within the first quarter. The corporate reported 132.6 million nights and experiences booked, up 9.5% from a yr in the past, and better than the 132.1 million anticipated by analysts, in keeping with StreetAccount.

Development in Airbnb’s nights and experiences booked was led by the Asia Pacific and Latin America areas, Airbnb stated. The corporate is “significantly inspired” by progress of its app downloads and utilization, in keeping with its shareholder letter. Airbnb app downloads within the U.S. within the first quarter elevated 60% yr over yr.

Common every day charges elevated 3% from a yr in the past to $173 within the first quarter. Airbnb stated it ended the quarter with its “highest variety of energetic listings but,” and so they elevated 15% from a yr earlier.

Correction: Airbnb’s quarterly web revenue was $264 million. An earlier model misstated the determine.