1. Homepage
  2. Equities
  3. United States
  4. Nasdaq
  5. Airbnb, Inc.
  6. News
  7. Summary
    ABNB   US0090661010

AIRBNB, INC.

(ABNB)
  Report
Delayed Nasdaq  -  04:00 2022-06-24 pm EDT
103.51 USD   +8.14%
06/23Morgan Stanley Lowers Airbnb's Price Target to $100 From $145, Maintains Equalweight Rating
MT
06/20Florida's High Court Clarifies That Incorporating AAA Rules Into An Arbitration Provision Delegates Arbitrability To Arbitrator
AQ
06/16US Stocks Sink as Fed's Aggressive Stance Stokes Recession Fears
MT
SummaryQuotesChartsNewsRatingsCalendarCompanyFinancialsConsensusRevisions 
SummaryMost relevantAll NewsAnalyst Reco.Other languagesPress ReleasesOfficial PublicationsSector newsMarketScreener Strategies

Airbnb to shut domestic business in China from July 30

05/24/2022 | 12:22am EDT

HONG KONG/SHANGHAI, May 24 (Reuters) - Vacation rental company Airbnb Inc will shut down all listings and experiences in mainland China from July 30, it said on Tuesday, joining a long list of Western internet platforms that have opted out of the Chinese market.

The company made the announcement on its official WeChat account without elaborating on the reasons behind the decision. The San Francisco-based company said Chinese users would still be allowed to book listings and experiences abroad.

“We have made the difficult decision to refocus our efforts in China on outbound travel and suspend our homes and Experiences of Hosts in China, starting from July 30, 2022,” Airbnb co-founder Nathan Blecharczyk wrote.

The Global Times newspaper, citing a source close to the company, said Airbnb had decided to shut the domestic business because it was too costly and complex to operate, which had been further exacerbated by the COVID-19 pandemic.

Airbnb did not respond to a request for comment.

The company joins a long line of Western internet companies, such as Linkedin and Yahoo, to have retreated from China in recent months in a sign of an internet decoupling of the world’s second-largest economy from much of the rest of the world.

Almost all major Western internet platforms, including Alphabet Inc’s Google and Meta Platforms Inc’s Facebook, have ceased to provide services to end users in mainland China, citing reasons ranging from censorship to operational difficulties.

China's efforts to curb the spread of COVID-19 has also led to business disruptions across the country, with several cities locked down, including the major economic hub of Shanghai.

CNBC first reported Airbnb’s decision earlier on Tuesday.

The New York Times reported that Airbnb would remove about 150,000 listings in China, out of six million it had around the world. Stays in China have accounted for roughly 1% of Airbnb’s business in recent years, the reports said.

Founded in 2008, Airbnb started providing services in mainland China in 2015. It had made efforts to localise its services, including integration with Chinese platforms such as Tencent Holdings’ WeChat. Its main Chinese rivals are Tujia, Xiaozhu and Meituan.

Meituan's vacation rental business Meituan Minsu said on Tuesday that it has formed a special team to help existing Airbnb hosts to put up listings on its platform. Tujia made a similar announcement earlier on the day.

Airbnb’s shares gained 0.7% in Monday trading on Nasdaq but have receded by 1.6% in post-market trading. (Reporting by Josh Ye in Hong Kong, Brenda Goh in Shanghai and Ella Cao in Beijing Editing by Louise Heavens and David Goodman)


© Reuters 2022
Stocks mentioned in the article
ChangeLast1st jan.
AIRBNB, INC. 8.14% 103.51 Delayed Quote.-37.83%
ALPHABET INC. 5.11% 2359.5 Delayed Quote.-18.55%
MEITUAN INC. 2.86% 198.1 Delayed Quote.-12.11%
META PLATFORMS, INC. 7.19% 170.16 Delayed Quote.-49.41%
NASDAQ COMPOSITE 3.34% 11607.62 Real-time Quote.-29.35%
TENCENT HOLDINGS LIMITED 2.45% 384.2 Delayed Quote.-15.89%
All news about AIRBNB, INC.
06/23Morgan Stanley Lowers Airbnb's Price Target to $100 From $145, Maintains Equalweight Ra..
MT
06/20Florida's High Court Clarifies That Incorporating AAA Rules Into An Arbitration Provisi..
AQ
06/16US Stocks Sink as Fed's Aggressive Stance Stokes Recession Fears
MT
06/16US Stocks Sink as Fed's Sharp Rate Hike Stokes Recession Fears
MT
06/16Top Midday Decliners
MT
06/16MIDDAY REPORT : US Stocks Plunge as Growth Concerns Mount Following Sharp Fed Rate Hike
MT
06/16INSIDER SELL : Airbnb
MT
06/10INSIDER SELL : Airbnb
MT
06/10Goldman Sachs Adjusts Airbnb's Price Target to $95 From $150, Reiterates Sell Rating
MT
06/08MARKETSCREENER'S WORLD PRESS REVIEW : June 8, 202
More news
Analyst Recommendations on AIRBNB, INC.
More recommendations
Financials (USD)
Sales 2022 8 249 M - -
Net income 2022 1 271 M - -
Net cash 2022 8 449 M - -
P/E ratio 2022 54,4x
Yield 2022 -
Capitalization 65 880 M 65 880 M -
EV / Sales 2022 6,96x
EV / Sales 2023 5,59x
Nbr of Employees 6 132
Free-Float 58,3%
Chart AIRBNB, INC.
Duration : Period :
Airbnb, Inc. Technical Analysis Chart | MarketScreener
Full-screen chart
Technical analysis trends AIRBNB, INC.
Short TermMid-TermLong Term
TrendsBearishBearishBearish
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus OUTPERFORM
Number of Analysts 39
Last Close Price 103,51 $
Average target price 174,91 $
Spread / Average Target 69,0%
EPS Revisions
Managers and Directors
Brian Chesky Chairman, Chief Executive Officer & Head-Community
David E. Stephenson Chief Financial Officer
Aristotle N. Balogh Chief Technology Officer
Tara Bunch Head-Global Operations
Jeffrey D. Jordan Independent Director
Sector and Competitors
1st jan.Capi. (M$)
AIRBNB, INC.-37.83%65 880
TENCENT HOLDINGS LIMITED-17.91%456 084
PROSUS N.V.-27.83%159 927
NETFLIX, INC.-68.32%79 476
NASPERS LIMITED-22.62%44 337
UBER TECHNOLOGIES, INC.-46.65%42 219