SAN FRANCISCO (AP) — Airbnb’s profit more than doubled last quarter, but management’s disappointing revenue forecast sparked a roughly 7% drop in its stock in after-market trading Wednesday.

The San Francisco-based vacation rental app said its net income rose to $264 million in the first quarter from $117 million a year earlier, on revenue that rose 18% to $2.14 billion. Earnings per share in the quarter jumped to 41 cents; analysts surveyed by FactSet expected 23 cents.

Earnings growth was partly driven by a shift in the Easter holiday, which came during the first quarter this year versus the second quarter in 2023. Easter is a significant travel holiday.

The quarter also included the Feb. 29 “leap day,” which added an extra day of business to the first quarter compared to a year earlier.

Airbnb projected revenue in the second quarter between $2.68 billion and $2.74 billion. That fell short of Wall Street expectations, partly because of unfavorable exchange rates and partly because of Easter falling earlier.

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