Airbnb Inc. reported results that show continued recovery from the effects of the pandemic.
“Two years into the pandemic, Airbnb is substantially stronger than ever before,” executives wrote in a letter to shareholders.
The lodging-booking company recorded 102.1 million nights and experiences booked in the first quarter, the first time it has hit the 100 million mark in a quarter, beating analysts’ expectation of 100 million.
Total increase of 26% compared with the first quarter of 2019, and excluding Asia Pacific it was up almost 40%. Gross bookings were $17.2 billion, up 73% compared with the 2019 quarter.
After exceeding analysts’ expectations for the first quarter and issuing an optimistic forecast for the current period, Airbnb shares rose more than 5% after hours.
*Airbnb tweet on Q1 2022
— Airbnb (@Airbnb) May 3, 2022
On the earnings call,
Airbnb Chief Executive Brian Chesky said “people are also more confident booking travel further in advance, and we’re seeing strong demand for summer bookings and beyond.” Airbnb has seen 30% more nights booked for the summer season as of the end of April, more than during the comparable time in 2019.
- Bookings increased despite the average daily rates being higher for consumers. In the first quarter, they were at $168, up 37% compared to the same quarter in 2019.
- Chesky also said the travel trends that grew during the pandemic, such as domestic, non-urban and longer stays, are “here to stay.”
Combined with the recovery of what he called Airbnb’s essentiasl of urban and cross-border travel, the company expects to be well-positioned as the pandemic rebound continues and despite any possible inflationary pressure.
The company said it expects second-quarter revenue of between $2.03 billion and $2.13 billion, and for gross nights and experiences booked to be similar to the first quarter.
Analysts were forecasting earnings of 29 cents a share on revenue of $1.96 billion, according to FactSet