From Nasdaq: 2024-05-09 12:32:00

Airbnb (ABNB) reported strong first-quarter 2024 earnings with adjusted earnings of 41 cents per share, a significant increase from the year-ago quarter. Revenues of $2.14 billion also surpassed expectations, driven by growth in Nights and Experiences Booked and Gross Booking Value (GBV).

In the same quarter, Nights and Experiences Booked grew by 9.5%, reaching 132.6 million. GBV was reported at $22.9 billion, with Average Daily Rates climbing to $172.88. The company also saw an increase in long-term stays and gross nights booked in non-urban areas.

Operating results showed an uptick in Adjusted EBITDA at $424 million, representing a 62% increase from the previous year. Operating income was reported at $101 million for the quarter.

On the financial front, Airbnb’s cash and cash equivalents amounted to $11.1 billion as of March 31, 2024. The company saw a significant rise in net cash provided by operating activities and generated a free cash flow of $1.9 billion in the quarter.

Looking ahead, Airbnb expects revenue growth in the second quarter, projecting revenues between $2.68 billion and $2.74 billion, despite some headwinds due to the timing of the Easter holiday and forex rate changes. The company anticipates an adjusted EBITDA margin decrease for the year.



Read more at Nasdaq: Airbnb (ABNB) Q1 Earnings & Revenues Beat, Increase Y/Y