AIRBNB'S SECOND-QUARTER PROFIT FELL 15% DESPITE ITS REVENUE RISING 11% ON STRONGER BOOKINGS

Airbnb says its profit fell 15% in the second quarter from a year earlier, as higher income taxes cut into the short-term rental giant’s bottom line even as bookings and revenue rose.

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The profits fell short of Wall Street’s expectations and Airbnb’s stock tumbled 16% in after-market trading.

The San Francisco-based company reported on Tuesday net income of $555 million, or 86 cents per share, for the three months ended June 30. That compares with net income of $650 million, or 98 cents per share, in the same quarter last year.

Analysts’ consensus estimates called for earnings of 91 cents per share, according to FactSet.

Revenue rose 11% from a year earlier to $2.75 billion, slightly higher than what analysts forecast.

The vacation-rental platform said it booked 125.1 million nights and experiences in the second quarter, a 9% increase from a year earlier.