The S&P 500 Information Technology Sector Index lost ground intraday Thursday, edging 0.2% lower as of 11:15 a.m. ET. The broader S&P 500 was up 0.4%, while the tech-heavy Nasdaq gained 0.2%.
Weaker-than-expected guidance sent shares of vacation rental site Airbnb (ABNB) lower, while shares of Equinix (EQIX) soared after the data center real estate investment trust (REIT) beat analysts’ forcasts for earnings before interest, taxes, depreciation, and amortization (EBITDA). AppLovin shares were also higher after the app monetization company’s results beat projections.
Airbnb Tumbles as Current-Quarter Outlook Misses Estimates
Airbnb posted first-quarter adjusted earnings per share (EPS) of 41 cents, well above forecasts. Revenue of $2.14 billion also exceeded expectations. However, Airbnb predicted current-quarter revenue would be in the range of $2.68 billion to $2.74 billion, less than anticipated, sending shares 6.3% lower to $148.
Equinix Rises on Strong EBITDA and AFFO on AI Boost
Shares of Equinix were 11.9% higher at $774.93 after reporting first-quarter EBITDA jumped 8% year-over-year to $992 million, and adjusted funds from operations (AFFO) soared 22% to $843 million. Both measures beat forecasts. Equinix said it benefited from “the rapidly evolving AI landscape.”
AppLovin Surges on Earnings Beat Amid App Advertising Recovery
AppLovin shares were up over 17% at $87.25 after the app monetization company’s results beat estimates for the first quarter and offered better-than-expected guidance. The company suggested the app advertising market improved during the first quarter and said it would continue to make improvements to its technology.