Airbnb Inc. beat revenue and profit estimates in the fourth quarter, bucking a resurgent wave of Covid-19 infections and heading into this year even stronger than before the pandemic. The shares rose 19%
- Revenue grew 78% to $1.53 billion, Airbnb said in a statement. That beat analysts’ projections for $1.46 billion.
Chief Executive Officer Brian Chesky called the results “the best year in our company’s history,” and said that Airbnb was able to weather the pandemic because of its highly adaptable business model.
*Bloomberg chart on Airbnb revenue
After the initial shock, business boomed as workers no longer had to be in traditional offices five days a week and could work from anywhere.
“As a result,” Airbnb said in a letter to shareholders, “people are spreading out to thousands of towns and cities, staying for weeks, months or even entire seasons at a time.”
With U.S. inflation running at a four-decade high, Chesky said it may spur more people to become hosts. Individuals and families will look for economic opportunity to “make it through this time,” and they can make $9,000 to $10,000 a year hosting occasionally, Bloomberg reports
The average day rate for Airbnb bookings has increased in many areas, and the higher prices have helped boost revenue, Chesky said on a conference call with analysts.