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Airbnb (ABNB) Q1 2024 earnings

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Airbnb (ABNB) Q1 2024 earnings

In this photo illustration, the Airbnb logo is displayed on a computer monitor and cell phone on February 13, 2024 in Los Angeles, California.

Mario Tama | Getty Images

Airbnb reported

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on Wednesday that beat analysts’ estimates but offered weaker-than-expected guidance. Shares fell more than 6% in extended trading.

Here’s how the company did, compared with consensus expectations from LSEG:

  • Earnings per share: 41 cents vs. 24 cents expected
  • Revenue: $2.14 billion vs. $2.06 billion expected

Revenue increased 18% from $1.82 billion a year earlier. Airbnb reported a net income of $264 million, or 41 cents per share, compared to $117 million, or 18 cents per share, in the same ******* last year.

The company said revenue in its second quarter will come in between $2.68 billion and $2.74 billion. Analysts were expecting $2.74 billion for the *******, according to LSEG.

In its letter to shareholders, Airbnb said it is already experiencing “robust demand for travel” ahead of the peak summer season, particularly around upcoming events like the Olympics in Paris. The company also said it expects that year-over-year revenue growth for its third quarter will accelerate compared to the second quarter, in part because of its summer travel backlog.

Other special events like the solar eclipse in North America helped drive engagement with Airbnb’s platform during the first quarter. The company said it had 500,000 guests stay on Airbnb during the eclipse, according to its investor letter.

Airbnb said adjusted EBITDA for the first quarter was $424 million, up 62% year over year. Analysts polled by StreetAccount were expecting $326 million.

****** booking value, which Airbnb uses to track host earnings, service fees, cleaning fees and taxes, was $22.9 billion in the first quarter. The company reported 132.6 million nights and experiences booked, up 9.5% from a year ago, and higher than the 132.1 million expected by analysts, according to StreetAccount.

Growth in Airbnb’s nights and experiences booked was led by the Asia Pacific and ****** America regions, Airbnb said. The company is “particularly encouraged” by growth of its app downloads and usage, according to its shareholder letter. Airbnb app downloads in the U.S. increased 60% year over year.

Average daily rates increased 3% from a year ago to $173 in the first quarter, the company said. It ended the quarter with its “highest number of active listings yet,” according to the letter, which jumped 15% from a year earlier.

Correction: Airbnb’s quarterly net income was $264 million. An earlier version misstated the figure.

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Airbnb Inc,Earnings,Enterprise,Social media,Internet,Technology,Breaking News: Technology,business news
#Airbnb #ABNB #earnings

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