Why Airbnb is in a 'transition year': Analyst

Shares of Airbnb (ABNB) are trading lower on Thursday morning after the company posted its first quarter results, which beat revenue expectations but revealed weaker-than-expected guidance for its second quarter.
Needham & Company Managing Director Bernie McTernan joins The Morning Brief to discuss Airbnb's recent performance and how it fits in the travel industry moving forward.

"This is a transition or investment year for Airbnb as well too. As you mentioned, the broader context of the travel industry – Airbnb's growth has really slowed down to looking more like Expedia (EXPE), looking more like Booking in the high single, low double digit range. And this is because you had the business doubled basically from 2019 levels. So growth looking more, like the rest of the industry peers. But valuations still at a premium, which is one of the reasons why we downgraded the stock heading into the print," McTernan tells Yahoo Finance.

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