Airbnb shares drop on cautious Q2 outlook and missed bookings.

Airbnb reported a minor beat on revenue and a miss on bookings in its Q1 2023 earnings report, causing its shares to decline about 9% in after-hours trading. The company also announced a new $2.5 billion stock buyback. Despite the miss on bookings, Airbnb's Nights and Experiences Booked grew 19% in Q1 2023 compared to a year ago, and the company is looking to increase host supply. Airbnb is also increasing its brand marketing investment in more countries around the world to support the peak summer travel season.