The Irish-based Airbnb business unit last year returned to profit, making $121.49 million (€116.85 million) before tax.
Ublin-based Airbnb Ireland Unlimited Company operates the online marketplace for the business outside of 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%, from $1.79 billion to $2.82 billion.
The $2.82 billion in revenue recorded by the Dublin-based company represents 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 of $6.49 billion for the first nine months of this year represents an increase of $2 billion, or 33%, over the corresponding period of 2021.
Directors of the Ireland-based operation say that “Throughout 2021 we continued to experience lower long-distance travel demand and an overall decline in nights booked compared to 2109 due to the ‘impact of Covid-19’.
The pre-tax profit of $121.49 million follows a pre-tax loss of $3 billion in 2020 which was primarily driven by a $2.57 billion non-cash intellectual property impairment following the Covid-19 pandemic.
The accounts reveal that on June 30 this year, the company recorded a fixed asset impairment charge of $4.33 million as the company announced that it would transition to a remote working model.
The memo states that “the shift to a remote working model is a direct response to the change in the way employees work due to the impact of Covid-19.” The number of employees decreased by 83, from 444 to 361.
Last year, the combined costs of salaries and stock-based payments totaled $48.17 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 recorded $114.67 million in after-tax profits after paying Irish corporation tax of $6.8 million.
The European Union recently introduced new rules on the operations of rental platforms.
Comments are closed.