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Airbnb sees record bookings despite recession fears

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BM.GE
10.05.23 15:26
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Airbnb on Tuesday reported strong revenue growth and a new record for bookings during the first three months of the year, in a sign that demand for travel remains strong despite lingering recession fears.

The company reported revenue for the quarter grew 20% to $1.8 billion, just beating Wall Street’s estimates. The company said nights and experiences booked on the platform hit a record high of over 120 million last quarter.

“More guests are traveling on Airbnb than ever before,” CEO Brian Chesky said on a call 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% year over year.”

Airbnb also reported net income of some $117 million, compared to a net loss in the same period last year.

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

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% year over year.”

Airbnb also reported net income of some $117 million, compared to a net loss in the same period last year.

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