Travel and vacation rental company Airbnb Inc (NASDAQ:ABNB) reported first quarter financial results after market close Tuesday. Here are the key highlights for investors.
What Happened: Airbnb reported first quarter revenue of $1.5 billion, up 70% year-over-year. The total beat a Street estimate of $1.45 billion, according to data from Benzinga Pro. The total was also up 80% from the pre-pandemic first quarter of 2019.
The company reported a loss of 3 cents per share in the first quarter, which beat analysts’ estimated loss of 29 cents per share for the quarter.
Airbnb reported that 102.1 million nights and experiences were booked in the first quarter, up 59% year-over-year. This marked the first time the company had passed the 100 million figure in a quarter in company history.
Gross booking value of nights and experiences hit $17.2 billion in the first quarter, up 67% year-over-year.
“Two years since the pandemic began, a new world of travel has emerged. Millions of people are now more flexible about where they live and work,” the company said.
Long-term stays (28 days) represented 21% of nights booked in the first quarter of 2022, compared to 13% in the first quarter of 2019. Stays of seven nights or more represented 48% of gross nights booked in the first quarter.
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What’s Next: Airbnb reports that guests are booking more stays than ever before. At the end of April 2022, Airbnb had 30% more nights booked for summer than the same period in 2019.
The company also said guests are returning to cities and staying longer, or in some cases “living on Airbnb.”
“While short-term stays rebounded strongly in Q1 2022, long-term stays of 28 days or more continue to be our fastest-growing category by trip length compared to 2019,” the company said.
Long-term stays are now at an all-time high for the company.
Beyond the summer, Airbnb is seeing “higher than historical demand” for the fourth quarter.
The company is guiding for second quarter revenue to come in a range of $2.03 billion to $2.13 billion. Analysts were projecting second quarter revenue at $1.97 billion, according to Benzinga Pro.
ABNB Price Action: Airbnb shares are up over 4% to $151.11 in after-hours trading Tuesday.
Photo: Courtesy of Open Grid Scheduler on Flickr
