Airbnb Reduces Second Quarter Loss to $ 68 Million, Revenue Exceeds 2019 – FOX13 News Memphis
Airbnb said Thursday it reduced its second-quarter loss to $ 68 million and recorded an increase in bookings, but the company warned that new COVID-19 variants would make future bookings and cancellations more difficult to predict.
Shares of the San Francisco-based home-sharing company fell more than 3% amid the extended trade.
Airbnb’s business has picked up with the resumption of travel which, at least to the United States, began earlier this year as Americans began to be vaccinated against the coronavirus. Many vacationers have sought to avoid crowds and avoid hotels, creating an advantage for Airbnb and its rival Vrbo.
Roommates are less dependent than hotels on business travelers, who have taken much longer to get back on the road.
The recent surge in COVID-19 infections, however, could slow the recovery in travel. Last week, Expedia Inc., owner of Vrbo, reported that travel and cancellation rates fell in July and travel prospects remain uncertain.
Airbnb’s second-quarter loss compared to same-quarter losses of $ 576 million last year and $ 297 million in 2019.
Revenue increased 10% from 2019, to $ 1.34 billion, roughly matching analysts’ forecast of $ 1.26 billion. Airbnb said it expects record third quarter revenue, “well above” the peak of 2019.
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