Airbnb’s Irish unit returns to profit as revenues surge by $1 billion – The Irish Times
Last year, Airbnb’s main Irish arm slid back into the black posting pre-tax profits of $121.49 million (€116.85 million).
Airbnb Ireland Unlimited Company, based in Dublin, operates the Airbnb Online Marketplace for Airbnb outside the United States, China and parts of Japan. New accounts show the company returned to profit as revenue jumped $1.03 billion or 57.5% to $2.82 billion.
Revenue recorded by the Dublin-based entity accounted for 47% of Airbnb’s global revenue of $5.99 billion last year.
Irish Arm administrators say that in 2022 “we have seen significant growth with nights booked exceeding 2019 levels”.
Global revenue for the first nine months of this year confirms the “significant growth” with revenue of $6.49 billion, an increase of $2 billion or 33% over the corresponding period of 2021.
Irish unit directors say “Throughout 2021 we continued to experience lower demand for long distance travel and an overall decline in nights booked compared to 2109 due to the impact of Covid-19”.
The Dublin-based company recorded a pre-tax loss of $3 billion in 2020, mainly due to a $2.6 billion non-cash intellectual property impairment following the Covid-19 pandemic .
The accounts reveal that in a post-balance sheet event on June 30 this year, the company recorded a fixed asset impairment charge of $4.33 million as it announced it would transition to a working model. remotely allowing its employees to work remotely.
Last year, the number of employees in the company decreased from 83 to 361, including 350 employees in customer support and administration, and 11 in marketing.
The activity here also includes providing customer support service to users and it outsources some of the marketing and sales support services to other affiliates.
Last year, the combined cost of salaries and stock-based payments totaled $48.2 million, and the average salary, including stock-based payments, was $133,063.
Directors’ compensation last year went from $2.6 million to $1.7 million.
The company posted an after-tax profit of $114.67 million after paying corporation tax of $6.8 million.
At the end of last year, the company’s shareholder funds stood at $60.9 million, while its cash had fallen from $140 million to $558 million.
Airbnb was founded in 2007 when two “hosts” welcomed three guests into their San Francisco home, and has since grown to more than four million hosts.