Airbnb sees massive rebound in upcoming travel

The Airbnb logo is displayed on the Nasdaq digital billboard in Times Square in New York City on December 10, 2020

Airbnb said Thursday it expects “a rebound in travel unlike anything we’ve seen before,” as the home-sharing platform posted a big loss in the last quarter.

San Francisco-based “sharing economy” company reported first quarter loss of $ 1.2 billion, largely due to one-time costs for accounting requirements, loan repayments and other items .

Revenue increased 5% from a year ago to $ 887 million, with gross bookings up 52% ​​to $ 10.3 billion.

The company said travel was showing signs of a strong rebound as the world emerged from the coronavirus pandemic.

“We believe the changes we’ve seen in travel are sustainable,” the company said in its quarterly update.

“The world will never go back to the way it was before, and that means travel never goes back to quite the way it used to be. But travel is starting to come back. Although conditions are not normal yet, they are improving and we are expecting you. to a travel rebound unlike anything we’ve seen before. “

Airbnb said its home-sharing model has become more attractive during the pandemic, and more people are using the service for long-term stays.

“Customers don’t just travel on Airbnb, they live on Airbnb,” the company said in a letter to shareholders.

Some 24% of stays booked in the quarter were 28 days or more, up from 14% in 2019. And 50% were for stays of seven or more nights.

Airbnb said it will hold a “special announcement” on May 24 to unveil “the most comprehensive update to Airbnb service in 12 years,” adding that “we will share information on how travel is not just recovering , but fundamentally change “.

Airbnb’s share price fell 3.2% on Thursday, closing at $ 135.75.

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