Vacasa stock plunges after worse-then-expected outlook
Vacasa Inc. (VCSA) shares fell as much as 15% in extended trading Tuesday, after rising 5.7% in the regular session to close at $1.31, after a lower-than-expected outlook. The company faces challenges from "hyper-growth" in the past couple of years to a more "dynamic environment" that it has begun to address by cutting 17% of its workforce in January, and expects 2023 to be a "transition year," it told shareholders. The company, which provides vacation-rental-management inventory to partners such as Airbnb Inc. (ABNB) and Booking Holdings Inc. (BKNG), expects first-quarter revenue of $230 million to $240 million, falling short of analysts' forecast of $264.8 million. It reported a fourth-quarter net loss of $302 million, or 70 cents a share, compared with a loss of $118.2 million, or 6 cents a share, in the year-ago period. The company did not report adjusted earnings. Revenue rose to $218 million from $192.1 million in the year-ago quarter. Analysts had forecast an adjusted loss of 27 cents a share on revenue of $238.2 million.
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March 14, 2023 20:37 ET (00:37 GMT)
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