In this photo illustration, the Airbnb logo is displayed on a computer monitor and a mobile phone on February 13, 2024 in Los Angeles, California.
Mario Tama | Getty Images
Airbnb report First quarter results Wednesday’s results beat analysts’ expectations but provided weaker-than-expected guidance. Shares fell more than 6% in after-hours trading.
Here’s how the company performed compared to LSEG consensus estimates:
- Earnings per share: 41 cents vs. 24 cents expected
- income: $2.14 billion vs. $2.06 billion expected
Revenue increased 18% from US$1.82 billion in the same period last year. Airbnb reported net income of $264 million, or 41 cents a share, compared with $117 million, or 18 cents a share, a year earlier.
The company said second-quarter revenue will be between $2.68 billion and $2.74 billion. Analysts expected revenue of $2.74 billion in the period, according to LSEG.
In a letter to shareholders, Airbnb said it was already experiencing “strong demand for travel” ahead of the peak summer season, especially around upcoming events such as the Paris Olympics. The company also said it expects annual revenue growth to accelerate in the third quarter from the second quarter, in part due to a backlog of summer travel.
Other special events such as the North American solar eclipse helped drive engagement on the Airbnb platform in the first quarter. The company said 500,000 guests stayed in Airbnb during the eclipse, according to its investor letter.
Airbnb said its adjusted EBITDA in the first quarter was US$424 million, an increase of 62% year-on-year. Analysts polled by StreetAccount expected revenue of $326 million.
Gross booking value, which Airbnb uses to track host revenue, service fees, cleaning fees and taxes, was $22.9 billion in the first quarter. According to data from StreetAccount, the company reported 132.6 million booked nights and experiences, a 9.5% increase from the same period last year and higher than analysts’ expectations of 132.1 million.
Airbnb said Asia Pacific and Latin America led the growth in Airbnb booked days and experiences. According to its shareholder letter, the company is “particularly encouraged” by the growth in downloads and usage of its app. The number of Airbnb app downloads in the United States increased by 60% compared with the same period last year.
The company said average daily charges in the first quarter rose 3% from the same period last year to $173. The letter said the number of active listings at the end of the quarter was “the highest to date” and was up 15% from the same period a year earlier.
Correction: Airbnb’s quarterly net profit was $264 million. An earlier version misstated this number.
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