On this photograph illustration, the Airbnb emblem is displayed on a pc monitor and cellular phone on February 13, 2024 in Los Angeles, California.
Mario Tama | Getty Pictures
Airbnb reported first-quarter outcomes on Wednesday that beat analysts’ estimates however provided weaker-than-expected steerage. Shares fell greater than 6% in prolonged buying and selling.
This is how the corporate did, in contrast with consensus expectations from LSEG:
- Earnings per share: 41 cents vs. 24 cents anticipated
- Income: $2.14 billion vs. $2.06 billion anticipated
Income elevated 18% from $1.82 billion a yr earlier. Airbnb reported a web earnings of $264 million, or 41 cents per share, in comparison with $117 million, or 18 cents per share, in the identical interval final yr.
The corporate stated income in its second quarter will are available in between $2.68 billion and $2.74 billion. Analysts have been anticipating $2.74 billion for the interval, in accordance with LSEG.
In its letter to shareholders, Airbnb stated it’s already experiencing “strong demand for journey” forward of the height summer season season, significantly round upcoming occasions just like the Olympics in Paris. The corporate additionally stated it expects that year-over-year income development for its third quarter will speed up in comparison with the second quarter, partly due to its summer season journey backlog.
Different particular occasions just like the photo voltaic eclipse in North America helped drive engagement with Airbnb’s platform throughout the first quarter. The corporate stated it had 500,000 company keep on Airbnb throughout the eclipse, in accordance with its investor letter.
Airbnb stated adjusted EBITDA for the primary quarter was $424 million, up 62% yr over yr. Analysts polled by StreetAccount have been anticipating $326 million.
Gross reserving worth, which Airbnb makes use of to trace host earnings, service charges, cleansing charges and taxes, was $22.9 billion within the first quarter. The corporate reported 132.6 million nights and experiences booked, up 9.5% from a yr in the past, and better than the 132.1 million anticipated by analysts, in accordance with StreetAccount.
Progress in Airbnb’s nights and experiences booked was led by the Asia Pacific and Latin America areas, Airbnb stated. The corporate is “significantly inspired” by development of its app downloads and utilization, in accordance with its shareholder letter. Airbnb app downloads within the U.S. elevated 60% yr over yr.
Common every day charges elevated 3% from a yr in the past to $173 within the first quarter, the corporate stated. It ended the quarter with its “highest variety of energetic listings but,” in accordance with the letter, which jumped 15% from a yr earlier.
Correction: Airbnb’s quarterly web earnings was $264 million. An earlier model misstated the determine.
