From CNBC: 2024-05-08 16:35:14

Airbnb reported first-quarter results that surpassed analysts’ expectations, with earnings per share of 41 cents compared to 24 cents expected, and revenue of $2.14 billion compared to $2.06 billion expected. The company saw revenue growth of 18% year-over-year and a net income of $264 million. However, weaker guidance led to a more than 6% decrease in shares in extended trading.

Looking ahead, Airbnb projects revenue between $2.68 billion and $2.74 billion for the second quarter, slightly below analysts’ expectations. The company notes strong demand for travel ahead of the summer season and expects accelerated revenue growth in the third quarter. Special events like the solar eclipse drove engagement, with 500,000 guests staying on Airbnb during the eclipse.

Adjusted EBITDA for the first quarter was $424 million, up 62% from the previous year, outperforming analysts’ expectations. Gross booking value stood at $22.9 billion, with 132.6 million nights and experiences booked. Growth in bookings was particularly strong in Asia Pacific and Latin America, with app downloads in the U.S. rising by 60% year over year.

Average daily rates increased by 3% to $173 in the first quarter, with the highest number of active listings yet. Airbnb attributed growth in bookings to increased app downloads and usage. The company remains optimistic about its outlook, with strong demand for travel and successful major events expected to contribute to revenue growth in the coming quarters.



Read more at CNBC:: Airbnb (ABNB) Q1 2024 earnings