Airbnb Inc. (ABNB) shares tumbled 5.16% in after-hours trading on Wednesday, despite reporting better-than-expected second-quarter results, as investors focused on the company's cautious outlook for the remainder of the year.

The vacation rental platform reported Q2 revenue of $3.1 billion, surpassing analyst estimates of $3.03 billion, and earnings per share of $1.03, beating the expected $0.93. However, the company's forward guidance and comments on future profitability appeared to overshadow these strong results.

For the third quarter, Airbnb forecasted revenue between $4.02 billion and $4.10 billion, in line with Wall Street expectations. However, the company warned that its adjusted EBITDA margins "will be lower than in Q3 2024, primarily due to investments in new growth and policy initiatives." This cautionary note on profitability likely contributed to the stock's after-hours decline.

Furthermore, Airbnb expressed caution about growth rates later in the year, citing tougher year-over-year comparisons. The company stated, "This dynamic will continue into Q4, putting pressure on growth rates later in the year." This outlook suggests that Airbnb's rapid post-pandemic recovery may be moderating, which could be concerning investors.

Despite the negative stock reaction, Airbnb also announced a new $6 billion share repurchase program, which would typically be viewed positively by investors. However, this news was overshadowed by the cautious outlook, highlighting the market's current focus on future growth and profitability over near-term capital returns.