Airbnb sees record bookings despite recession fears

Airbnb on Tuesday reported robust income development and a brand new file for bookings through the first three months of the 12 months, in an indication that demand for journey stays robust regardless of lingering recession fears.

The firm reported income for the quarter grew 20 per cent to US$1.8 billion, simply beating Wall Street’s estimates. The firm stated nights and experiences booked on the platform hit a file excessive of over 120 million final quarter.

“More guests are traveling on Airbnb than ever before,” CEO Brian Chesky stated on a name with analysts Tuesday. “We’ve seen our highest number of active bookers ever, despite continued macroeconomic uncertainties.”

“During the quarter, we also saw guests booking trips further in advance, supporting a strong backlog for q2,” he added. “We were especially encouraged by the continued recovery of Asia Pacific as nights booked in q1 increased more than 40 per cent year over year.”

Airbnb additionally reported web earnings of some US$117 million, in comparison with a web loss in the identical interval final 12 months.

“We are now twice the size as we were before the pandemic on both a GBV [gross booking value] and revenue basis,” the corporate stated in its letter to shareholders Tuesday.

Despite the rosy earnings report, shares for Airbnb slid as a lot as 10 per cent in after-hours buying and selling Tuesday after the corporate reported a weaker outlook for the present quarter than some analysts had anticipated.

In its letter to shareholders, Airbnb additionally stated it has pulled ahead the timing of its advertising and marketing spend to the primary half of the 12 months to assist assist the height summer time journey season. The firm can be rising its model advertising and marketing funding in additional international locations all over the world.