Airbnb posted better-than-expected first-quarter results with an optimistic outlook for the second quarter as the company sees a recovery in the travel sector after emerging from the health crisis, sending Airbnb stock up 6% in hours. Extended.
Revenue grew 70% in the first quarter compared to last year despite pandemic concerns, harsh economic conditions and the war in Ukraine to $1.51 billion, beating expectations of $1.45 billion. A year ago, it rose to $19 million, or 3 cents per share, better than analysts’ expectations, which was a loss of 29 cents per share.
Growth is expected to continue strongly this quarter, with Airbnb forecasting revenue of $2.03-2.13 billion, beating the average analyst estimate of $1.96 billion, with the company’s bottom line revenue guidance being a growth of 52%.
During the first quarter, Airbnb nights bookings reached 102.1 million, which is higher than it was before the pandemic, while analysts were expecting only 100.87 million reservations.
Total reservation value, which the company uses to track earnings from guests, service and cleaning fees plus taxes, increased 67% year-over-year to $17.2 billion during the quarter, beating expectations of $16.54 billion. Read More [Airbnb Company Profits Soar In Third Quarter].