Airbnb announces increased profits as travel rebound persists
Airbnb reported its highest-ever quarterly earnings on Tuesday, confirming that the travel industry is continuing its pandemic recovery in the face of historic inflation.
In the third quarter, the home rental platform saw its net profit jump 46% year-on-year to $1.2 billion – a result that would have been even higher without the negative impact of exchange rates , said the California-based company.
For the latest headlines, follow our Google News channel online or through the app.
“Customer demand remains strong,” he said, saying new revenue growth will remain strong long-term and travel to non-urban areas “is here to stay as millions of people have regained a flexibility in where they live and work”.
“At the same time, we have also seen a recovery in city and cross-border travel, which represented the vast majority of our business before the pandemic,” Airbnb said.
The company noted that the number of new “hosts” – people listing properties on its site – is also on the rise.
“Just like during the Great Recession in 2008 when Airbnb started, people are especially interested in earning extra income through accommodations,” the company said.
In the third quarter of 2022, Airbnb said it saw nearly 100 million room nights and bookings of experiences – such as tours – 25% more than the same period last year.
Its quarterly revenue jumped 29% to $2.9 billion, beating market expectations.
Airbnb says it expects revenue to continue growing in the fourth quarter.
The platform forecasts revenue of between $1.80 billion and $1.88 billion during the holiday season, a range slightly lower than analysts had hoped.
Shares of the company fell more than 5% in after-hours trading.