Airbnb's second-quarter profit fell 15% despite its revenue rising 11% on stronger bookings

Airbnb says its profit fell 15% in the second quarter from a year earlier, as higher income taxes cut into the short-term rental giant's bottom line even as bookings and revenue rose.

The profits fell short of Wall Street's expectations and Airbnb's stock tumbled 16% in after-market trading.

The San Francisco-based company reported on Tuesday net income of $555 million, or 86 cents per share, for the three months ended June 30. That compares with net income of $650 million, or 98 cents per share, in the same quarter last year.

Analysts’ consensus estimates called for earnings of 91 cents per share, according to FactSet.