Airbnb beats earnings expectations for first quarter however provides weaker-than-expected steering

Airbnb beats earnings expectations for first quarter however provides weaker-than-expected steering

On this picture illustration, the Airbnb brand is displayed on a pc monitor and mobile phone on February 13, 2024 in Los Angeles, California.

Mario Tama | Getty Photographs

Airbnb reported first-quarter results on Wednesday that beat analysts’ estimates however provided weaker-than-expected steering. Shares fell greater than 6% in prolonged buying and selling.

This is how the corporate did, in contrast with consensus expectations from LSEG:

  • Earnings per share: 41 cents vs. 24 cents anticipated
  • Income: $2.14 billion vs. $2.06 billion anticipated

Income elevated 18% from $1.82 billion a 12 months earlier. Airbnb reported a web earnings of $264 million, or 41 cents per share, in comparison with $117 million, or 18 cents per share, in the identical interval final 12 months.

The corporate mentioned income in its second quarter will are available between $2.68 billion and $2.74 billion. Analysts had been anticipating $2.74 billion for the interval, in keeping with LSEG.

In its letter to shareholders, Airbnb mentioned it’s already experiencing “strong demand for journey” forward of the height summer time season, significantly round upcoming occasions just like the Olympics in Paris. The corporate additionally mentioned it expects that year-over-year income progress for its third quarter will speed up in comparison with the second quarter, partly due to its summer time journey backlog.

Different particular occasions just like the photo voltaic eclipse in North America helped drive engagement with Airbnb’s platform in the course of the first quarter. The corporate mentioned it had 500,000 visitors keep on Airbnb in the course of the eclipse, in keeping with its investor letter.

Airbnb mentioned adjusted EBITDA for the primary quarter was $424 million, up 62% 12 months over 12 months. Analysts polled by StreetAccount had been anticipating $326 million.

Gross reserving worth, which Airbnb makes use of to trace host earnings, service charges, cleansing charges and taxes, was $22.9 billion within the first quarter. The corporate reported 132.6 million nights and experiences booked, up 9.5% from a 12 months in the past, and better than the 132.1 million anticipated by analysts, in keeping with StreetAccount.

Progress in Airbnb’s nights and experiences booked was led by the Asia Pacific and Latin America areas, Airbnb mentioned. The corporate is “significantly inspired” by progress of its app downloads and utilization, in keeping with its shareholder letter. Airbnb app downloads within the U.S. elevated 60% 12 months over 12 months.

Common day by day charges elevated 3% from a 12 months in the past to $173 within the first quarter, the corporate mentioned. It ended the quarter with its “highest variety of lively listings but,” in keeping with the letter, which jumped 15% from a 12 months earlier.

Correction: Airbnb’s quarterly web earnings was $264 million. An earlier model misstated the determine.

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