Brian Chesky, CEO of Airbnb speaking on CNBC’s Squawkbox on May 4th, 2023.
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Revenue for the fourth quarter was up 20% year over year. Airbnb reported $117 million in net income for the quarter, up from a net loss of $19 million a year earlier. The figure marks the first time Airbnb has been profitable during its first quarter on a GAAP basis.
In its shareholder letter, Airbnb said it had a “strong start” to the year, and it is looking forward to another “strong summer travel season.” However, it warned of tough comparables for the second quarter: “Nights and Experiences Booked will have unfavorable year-over-year comparisons in Q2 2023 as we overlap pent-up 2022 demand following the COVID Omicron variant.”
The company said revenue in its second quarter will be between $2.35 billion and $2.45 billion. Analysts polled by Refinitiv expected $2.42 billion.
Average daily rates were flat compared to a year ago at $168 in the first quarter, and the company said active listings in the first quarter increased 18% year over year.
Gross booking value, which Airbnb uses to track host earnings, service fees, cleaning fees and taxes, totaled $20.4 billion in the first quarter. The company reported 121.1 million nights and experiences booked in the first quarter, up 19% year over year, in line with estimates by analysts, according to StreetAccount.
Airbnb said in the investor letter that it intends to stay focused on three “strategic priorities.” The company said it is working to make hosting on the platform just as popular as travel, provide affordable stays for guests and increase its presence in “less mature” international markets.
Airbnb said in the investor letter that travelers are returning to major cities, and they are also booking longer stays.
Airbnb will hold its quarterly call with investors Tuesday at 4:30 p.m. ET.