Airbnb (ABNB) reported revenues meeting analysts expectations and coming in above expectations on earnings per share, but missing expectations on nights, and “experiences” that were booked. “Experiences” are events set up in a given place by an expert, and they can be either in-person events, or online experiences.

Even missing expectations, nights and experiences booked was up from the 102.1 million in the first quarter of 2022.

The statement also noted the company would be doing a $2 billion share buyback to support the company’s long-term growth.

Regardless of the report, shares were down 35% so far this year at the open.

Even though many tech companies have put up decent earnings this season, inflation fears have roiled some of the biggest names in tech, and triggered layoffs and hiring freezes as executives confront fears of an economic slowdown as the Fed tightens policy.

Even travel-centric names are not immune, despite recent data showing that they may be better set up to survive the coming slowdown than their peers. Uber just reported that it has turned cash flow positive for the first time, which it attributed to volume increases.

Additionally, travel agents are reporting that after two years of the pandemic restricting travel and imposing all sorts of unpleasant strictures on it, they are now being overwhelmed by new customers reaching out to book trips. Companies like Marriot (MAR) have already beaten analyst’s estimates just off the beginning of the travel recovery.

Still, investors are being forced to consider the effects of record inflation on consumer spending and the risks of a potential economic downturn making discretionary spending on luxuries like travel less of a priority as time goes on.