Airbnb witnesses fall in shares after probe into unpleasant customer experiences
Airbnb’s shares fell as much as 6% on Thursday after an online independent publication, the Bear Cave reported probation of unpleasant experiences that customers had during stays booked through the platform. The report pointed to instances when guests found hidden cameras in bedrooms and bathrooms, and death of three friends from carbon monoxide, among others.
As per the report, horror incidents of guests staying at individually managed Airbnbs abound on the internet, including surprise cleaning requirements and last-minute cancellations as well as numerous examples of guests finding hidden cameras in bedrooms and bathrooms.
Airbnb's revenue in 2022 was up 40% year over year and it was the company’s most profitable year on record. The company reported a 16% increase in active listings in the fourth quarter of 2022 over the same period in 2021. Nights and experiences booked rose 20% from a year earlier but missed analysts' estimates.
Some of the company's top professional hosts have cut out Airbnb and built their own booking platforms and are offering cheaper deals. The increase in professionally managed properties will directly compete against the company and may further threaten its revenues.
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