Shares of Airbnb tumble 13% on low fourth-quarter guidance

Shares of Airbnb fell more than 13% Wednesday, a day after the company released third-quarter earnings that beat Wall Street’s estimates but fell short on fourth-quarter guidance.

Airbnb beat on top and bottom lines in its third quarter. The company posted revenue of $2.9 billion, up 29% year-over-year for its strongest quarter ever, and topped analysts’ estimates of $2.8 billion, according to Refinitiv. The revenue increase was driven by stable growth in the Nights and Experiences booked and elevated average daily rates.

But Airbnb provided fourth-quarter revenue guidance of $1.80 billion and $1.88 billion, below the midpoint of…