Airbnb announces the most profitable quarter in its history
United States: Airbnb posted record profits and revenue in the third quarter of this year, marking its best quarter yet.
For the quarter ending Sept. 30, the booking platform generated $2.88 billion in revenue, up 29% year-on-year from the same quarter a year ago as pent-up demand for stays in holiday homes remained strong.
Along with sustained average daily rates [ADRs] Across all of its listings, Airbnb was also able to post third quarter net income of $2.9 billion, a 46% year-over-year increase from the numbers from last year.
Other notable Airbnb figures include a 31% increase in gross booking value to $15.6 billion and a 32% increase in adjusted EBITDA to $1.5 billion in the space. of 12 months.
While the company hinted it was looking to reinvest more in its Experiences program, Airbnb also saw 90 million guest arrivals in the quarter and 99.7 million “nights and experiences” booked, which represents a 25% year-on-year increase. Third quarter of 2021. On top of that, this was the third highest quarter ever for the platform for nights and experiences, along with Asia Pacific [APAC] region experiencing the strongest growth in the segment, in part due to the easing of restrictions related to Covid-19.
According to co-founder and CEO Brian Chesky, long-term stays and rural travel are still strong drivers for Airbnb bookings, and calls from employers for more staff to return to their offices aren’t slowing the pace. remote work request. This is reflected in the fact that 20% of total gross nights booked on Airbnb are long-term stays, which Chesky has maintained as a growing trend since lockdowns and border restrictions eased across the world.
The majority of these long-term stays [30 days or longer] occur in the EMEA region [Europe, Middle East and Africa] and North America, according to Airbnb.
Despite posting new quarterly profit records, Airbnb investors briefly cut the company’s share price amid fears the fourth-quarter guidance may not meet their expectations for a holiday period. loaded.