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Airbnb Shares Drop Over 7% Amid Slower Growth Outlook and Travel Demand Concerns

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Airbnb’s shares fell more than 7% on Thursday after the company projected slower growth in the second half of the year, raising concerns about a potential travel demand slowdown. This came as a disappointment to investors who had anticipated a rebound, especially after positive forecasts from major travel firms.

The company cited the impact of tariffs on its third-quarter margins, noting that the tariff shock in April led to a significant drop in bookings. The outlook contrasts with recent optimism in the travel sector, where United Airlines and Hilton Worldwide both predicted rising bookings and strong year-end revenue, and Booking Holdings reported robust quarterly results.

Airbnb said its weaker forecast was partly due to tough comparisons with last year, when a surge in bookings from Asia and Latin America boosted earnings. The platform expects growth in night bookings to slow year-over-year in the fourth quarter, with its implied take rate — revenue relative to gross bookings — likely staying flat in Q3.

So far in 2025, Airbnb and Expedia shares have each slipped 0.6%, while Booking Holdings has gained 11.4%. Valuation-wise, Airbnb trades at a forward price-to-earnings multiple of 28.41, compared to Booking’s 22.69 and Expedia’s 11.57.

Swiss Voters Reject Law Enhancing Landlords’ Powers Over Subletting

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Swiss voters have narrowly rejected a proposed legal change that would have granted landlords greater authority to restrict subletting by tenants, including through platforms like Airbnb. Preliminary results from Sunday’s referendum show that 51.6% of voters opposed the change, which was passed by parliament in 2023.

The Controversial Proposal

The proposed law aimed to address concerns that tenants were increasingly subletting their properties via Airbnb, thereby disrupting the rental market. Supporters of the change argued that it was necessary to prevent such practices, which they claimed were contributing to housing shortages in some areas. However, opponents, led by a major tenants’ association, countered that much of the Airbnb activity involved landlords themselves subletting their properties, rather than tenants doing so.

Kathrin Anselm, the head of Airbnb in Switzerland, denied the company’s involvement in creating a housing crisis, stating earlier this month that Airbnb had no influence on the residential rental market in Switzerland.

Broader Voting Trends

In addition to rejecting the subletting law, Swiss voters also voted down a separate proposal that would have given landlords more power to terminate leases when they wanted to use the property themselves. This proposal was also part of the same round of national referendums, which highlighted ongoing debates over tenant rights and housing policies in Switzerland.

These issues are particularly significant in Switzerland, where a large proportion of households—most recently recorded at the end of 2022—live in rented or cooperative housing.

Other Referendum Results

In other results, voters rejected government plans to expand Switzerland’s motorway network and, in a local referendum in Zurich, decided against removing gender-inclusive language from the city’s official texts. These results reflect the strong role of direct democracy in Swiss politics, with voters regularly being asked to weigh in on key legislative issues.

 

Tech Surge and BOJ’s Dovish Comments Boost Wall Street

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Wall Street’s main indexes advanced on Wednesday, supported by gains in megacap stocks and a dovish shift by Japan’s top policymaker after a surprise interest rate hike last week that had triggered volatility in global markets. Major technology stocks saw gains of at least 2%, led by Amazon.com rising 2.6%, though Tesla dipped nearly 1%. All major S&P sectors were trading higher, with information technology and energy leading the gains. Michael Landsberg, chief investment officer at Landsberg Bennett Private Wealth Management, noted, “Many investors are sitting on big gains in tech stocks … so it’s important for investors to right size their risk,” while predicting continued volatility.

The CBOE Volatility Index, Wall Street’s fear gauge, declined to 23.09 points from a high of 65.73 on Monday. A surprise rate hike by the BOJ on July 31 to a level unseen in 15 years had sparked a global stock rout as investors unwound their sharp yen carry trade positions. However, on Wednesday, global equity markets extended their rebound after Bank of Japan Deputy Governor Shinichi Uchida indicated the central bank would not raise rates when financial markets are unstable, pushing the yen lower and boosting market sentiment.

By 11:22 a.m. ET, the Dow Jones Industrial Average rose 350.48 points, or 0.90%, to 39,348.14, the S&P 500 gained 71.02 points, or 1.36%, to 5,311.05, and the Nasdaq Composite gained 268.20 points, or 1.64%, to 16,635.06. The S&P 500 and the Nasdaq ended Tuesday more than 1% higher following comments from Federal Reserve officials that eased recession worries and shifted the spotlight back to earnings.

Fortinet jumped 24.6% after raising its annual revenue forecast, while Airbnb slid 12.7% after forecasting third-quarter revenue below estimates and warning of shorter booking windows. Walt Disney fell 1.9% predicting a ‘moderation in demand’ at its theme parks, Super Micro Computer lost 16.3% after reporting quarterly adjusted gross margins below estimates, and Amgen fell 4.4% due to higher expenses offsetting revenue increases. The markets await further commentary on monetary policy from U.S. central bank officials next week, ahead of Fed Chair Jerome Powell’s speech at the Jackson Hole event.