Simon Hunter
SHARES in the online vacation rental company Airbnb dropped by 12% on Tuesday, in the midst of an ongoing backlash in Spain against a tourism model that is dependent on such temporary accommodation.
The firm forecast revenues for the third quarter of the year below Wall Street estimates yesterday, news agency Reuters reported, citing weakening demand from customers in the United States’ market.
Growing economic uncertainty in the US is putting pressure on domestic travel as Americans react with caution, Reuters added.
The company reported a quarterly profit of $555 million (€508 million), compared to $650 million (€595 million) last year.
The company also said it was expecting lower growth in nights booked in the third quarter of the year and is already seeing shorter booking lead times on a global scale.
While the firm did not specifically refer to the Spain market in its report yesterday, it is currently seeing a backlash from the Spanish public.
This year has seen a series of protests across the country calling for a new tourism model, with slogans, stickers and posters regularly targeting Airbnb or similar accommodation services.
Last month, Airbnb announced that it generated an economic impact of €8.5 billion in the Spanish market in 2023, which in turn contributed €3.6 billion to the public purse, according to news agency Servimedia.
The same report stated that Airbnb customers spent €282 on goods and services in their destinations for every €100 they spent on accommodation.
