In this photo illustration, the Airbnb logo is displayed on a pc monitor and a cellular phone on February 13, 2024 in Los Angeles, California.
Mario Tama | Getty Images
Airbnb reported First quarter results on Wednesday beat analysts’ estimates but delivered weaker-than-expected forecasts. Shares fell greater than 6% in prolonged trading.
Here’s how the corporate performed in comparison with LSEG’s consensus expectations:
- Earnings per share: 41 cents versus 24 cents expected
- Revenue: $2.14 billion versus expected $2.06 billion
Sales rose 18% from $1.82 billion a yr ago. Airbnb reported net income of $264 million, or 41 cents per share, compared with $117 million, or 18 cents per share, in the identical period last yr.
The company said second-quarter revenue will probably be between $2.68 billion and $2.74 billion. Analysts expected $2.74 billion for the period, in line with LSEG.
In its letter to shareholders, Airbnb said it was already experiencing “strong demand for travel” ahead of the summer peak season, particularly in light of upcoming events comparable to the Paris Olympics. The company also said it expects third-quarter revenue growth to speed up year-over-year in comparison with the second quarter, due partially to the backlog of travel over the summer.
Other special events, comparable to the solar eclipse in North America, helped drive engagement with the Airbnb platform in the primary quarter. According to its letter to investors, the corporate said 500,000 guests stayed on Airbnb in the course of the eclipse.
Airbnb said adjusted EBITDA was $424 million in the primary quarter, up 62% yr over yr. Analysts polled by StreetAccount had expected $326 million.
Gross booking value, which Airbnb uses to trace host revenue, service fees, cleansing fees and taxes, was $22.9 billion in the primary quarter. According to StreetAccount, the corporate reported 132.6 million room nights and experiences booked, up 9.5% yr over yr and above the 132.1 million analysts expected.
Airbnb said growth in overnight stays and booked experiences was driven primarily by the Asia Pacific and Latin America regions. According to the shareholder letter, the corporate is “particularly encouraged” by the expansion in its app downloads and usage. Airbnb app downloads increased 60% yr over yr within the US.
Average day by day rates rose 3% to $173 in the primary quarter in comparison with a yr earlier, the corporate said. According to the letter, the corporate ended the quarter with its “highest number of active listings ever,” increasing 15% year-over-year.
Correction: Airbnb’s quarterly net income was $264 million. The number was incorrect in an earlier version.
