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CNA
2 minutes ago
- CNA
Airbnb dips as slower growth outlook renews fears of travel demand slowdown
Shares of Airbnb slumped 6 per cent before the bell on Thursday after the company forecast slower growth in the second half of the year, disappointing investors of the sector expecting a rebound in travel demand after strong outlooks from major travel firms. The vacation home rental's gloomy outlook came as setback to the industry, which saw a rebound in consumer sentiment in July, and was expecting budget-conscious Americans to return to vacations despite tariffs and inflation. United Airlines and Hilton Worldwide last month forecast an uptick in bookings and strong fourth-quarter revenue growth. Last week, online travel agency Booking Holdings also posted upbeat quarterly results. "The company (Airbnb) sees tariffs having an impact on margins in the third quarter, with the initial tariffs shock in April leading to a big drop in bookings," said Danni Hewson, head of financial analysis at AJ Bell. Investors will now focus on results from Expedia Group, due after the bell, to better gauge the health of the travel industry in the United States. Airbnb attributed its weak growth outlook to tough comparisons with the year-ago period, when strong bookings in Asia and Latin America had helped earnings. The company expects night bookings growth to moderate year-over-year going into the fourth quarter. It expects the implied take rate, or the ratio of revenue to gross bookings, to remain flat in the third quarter. So far this year, Airbnb and Expedia shares have both fallen 0.6 per cent each compared with an 11.4 per cent rise in Booking Holdings during the same period. Airbnb commands a higher forward price-to-earnings multiple of 28.41, compared with Booking that's trading at a more modest 22.69 and Expedia at 11.57.
CNA
32 minutes ago
- CNA
Germany's SAP to invest 150 million euros in Vietnam R&D centre
HANOI :German software maker SAP will invest 150 million euros ($175.13 million) in a research and development centre in Vietnam over the next five years, the firm said on Thursday. SAP Labs Vietnam will be located in the business hub Ho Chi Minh City and will have 500 employees by 2027, it said in a statement. ($1 = 0.8565 euros)
CNA
32 minutes ago
- CNA
Huawei's joint EV brand with Chery pledges $1.4 billion new investment
BEIJING :Huawei's joint electric vehicle brand with Chery said on Thursday that it will invest more than 10 billion yuan ($1.39 billion) and expand its research and development team to 5,000 people. It did not give a timeline for the move, which it said aims to strengthen the brand's lead in technology terms, according to a WeChat post. A new company was also created to integrate production, sales and services. ($1 = 7.1774 Chinese yuan renminbi)
