Airbnb revenue climbed 5% to $ 887 million, beating expectations
Airbnb (ABNB) reported revenue of $ 887 million for the first quarter of 2021, an increase of 5% year-over-year. But while the home rental giant managed to see its overall sales rise, its net losses totaled $ 1.2 billion, the company said in its second report as a state-owned enterprise.
During the period, Airbnb customers booked 64.4 million nights and experiences, representing a 13% year-over-year increase. The gross value of bookings increased 52% to $ 10.3 billion. Four million hosts have listed 5.6 million properties worldwide.
Shares edged down in the wake of the news.
Here’s how the company performed against analyst estimates:
Income: $ 887 M vs $ 719.8 M expected
Net loss: $ 1.2 billion against $ 341 million expected
Loss per share: $ 1.95 vs. $ 1.10 expected
Gross value of the reservation: $ 10.3 billion against $ 7.47 billion expected
The first quarter included one-time expenses, including one-time debt repayments, adjustments for warrants and the waiver of an unnecessary lease. These results follow a net loss of $ 3.89 billion in the fourth quarter, attributable to expenses related to the IPO.
Unlike its hospitality counterparts, Airbnb is not as exposed to cross-border travel and hotel reservations. Expedia’s (EXPE) first-quarter revenue was down 44%, while Booking.com (BKNG) was down 50% year-over-year.
The uneven deployment of vaccines around the world reflects the positives of Airbnb and where the recovery has lagged. Airbnb experienced the greatest strength in North America, where families and groups took national, local and rural trips, as well as longer stays (28 days or more).
Airbnb shares have fallen 6% since their IPO on December 10. The lock-up period, or the window of time during which insiders are not allowed to sell the shares, ends on May 17.
Melody Hahm is Yahoo Finance’s correspondent for the West Coast, covering entrepreneurship, technology and culture. Follow her on Twitter @melodyhahm and on LinkedIn.
Bumble Crushes Revenue Expectations and Realizes Profit for Quarter
Shopify Executive Explains Why Entrepreneurship Is “Nowhere Near Peak”
Author of “Bamboo Ceiling”: “Asians have been invisible” for too long
Tempo raises $ 220 million as connected home fitness market grows