Airbnb anticipates ‘strong sustained pent up demand’ as results beat analyst expectations
Airbnb has posted record quarterly results and beat estimates as holidaymakers are keen to get away after lockdown measures have eased.
First quarter revenue shot up 70 per cent from the year prior, despite the company noting “macroeconomic headwinds,” war in Ukraine and the pandemic.
Revenue hit $1.5bn and exceeded its pre-pandemic comparable by 80 per cent, after growth was driven by roaring sales in its Nights and Experiences Booked divisions.
Gross nights booked rose by a third compared to the first quarter of 2019, with Airbnb’s boss saying the rental platform was “stronger than ever before.”
Confidence in the sector had returned with holidaymakers now booking accommodation further in advance and the San Francisco-based company forecasting “strong sustained pent-up demand.”
Airbnb beat analyst expectations after reporting 102.1m nights and experiences booked, surpassing a forecast of 100.87m, according to Street Account.
There were 30 per cent more nights booked for the summer travel season at the end of April, compared to the same time in 2019.
“The first quarter of 2022 was another record quarter for Airbnb,” Airbnb co-founder and CEO Brian Chesky said.
“Guests are continuing to travel domestically and to rural destinations, and now, guests are also returning to cities and crossing borders at or above pre-pandemic levels,” he added.
The startup also saw its net loss narrow to $19m from $1.2bn versus the first quarter of 2021.