Airbnb Inc ( ABNB ) reported financial results for the first quarter after the market close on Wednesday. Here’s a rundown of the report.

Q1 Earnings: Airbnb’s first-quarter revenue increased 18% year-over-year to $2.14 billion, which beat the consensus estimate of $2.06 billion. The company said its strong top-line results were primarily driven by continued strength in travel demand and the timing of Easter.

Airbnb ( ABNB ) reported quarterly earnings of 41 cents per share, which beat analyst estimates of 22 cents per share. Airbnb ( ABNB ) has now beat analyst estimates on the top and bottom lines in seven consecutive quarters, according to data from Benzinga Pro.

Gross booking value totaled $22.9 billion, up 12% year-over-year. Nights and Experiences booked came in at 132.6 million, up 9.5% year-over-year. Airbnb ( ABNB ) said it generated $1.9 billion in free cash flow during the first quarter.

Airbnb ( ABNB ) said it ended the quarter with $11.1 billion in cash, cash equivalents, short-term investments and restricted cash.

Outlook: Airbnb ( ABNB ) sees second-quarter revenue in the range of $2.68 billion to $2.74 billion, representing year-over-year growth of between 8% and 10%. The company said it expects the year-over-year growth rate of nights booked in the second quarter to be “relatively stable” compared to the first quarter.

“As we previewed in our Outlook last quarter, year-over-year revenue growth in Q2 2024 will face a significant sequential headwind primarily due to the timing of the Easter holiday, the inclusion of Leap Day in Q1 2024, and the impact of FX rate changes,” the company said in a letter to shareholders.

“Looking ahead to the peak Summer travel season, we are already experiencing robust demand for travel around international events such as the Olympics and Euro Cup. Due in part to the strength of our Summer backlog, we expect year-over-year revenue growth to accelerate in Q3 2024 compared to Q2 2024.”

Management will hold a conference call to discuss these results at 4:30 p.m. ET.

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ABNB Price Action: Airbnb ( ABNB ) shares were down 7.75% after hours at $146.34 at the time of publication, according to Benzinga Pro.