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Airbnb CEO Brian Chesky speaks on CNBC’s Squawkbox on May 4, 2023.
CNBC
shares Airbnb It fell as much as 10% in extended trading Tuesday though in the first quarter profits It beat analyst estimates top and bottom, delivering slightly weaker-than-expected guidance and a cautious outlook for the second quarter.
Here’s how the company did:
- EPS: 18 cents versus the 9 cents expected by analysts, according to Refinitiv.
- he won: $1.82 billion versus the $1.79 billion expected by analysts, according to Refinitiv.
Fourth quarter revenue was up 20% year over year. Airbnb reported a net profit of $117 million for the quarter, up from a net loss of $19 million a year earlier. This number marks the first time that Airbnb has reported a profit in the first quarter on a generally accepted accounting principles basis.
In the shareholder letter, Airbnb said it had a “strong start” to the year, and is looking forward to another “strong summer travel season.” However, it warned of difficult comparisons in the second quarter: “Nights and experiences booked will have unfavorable year-over-year comparisons in Q2 2023 as we overlap with pent-up demand in 2022 after the COVID-19 variable Omicron.”
The company said revenue in the second quarter will be between $2.35 billion and $2.45 billion. Analysts polled by Refinitiv had expected $2.42 billion.
Average daily prices were flat year-over-year at $168 in the first quarter, and the company said active listings in the first quarter increased 18% year-over-year.
Total reservation value, which Airbnb uses to track host earnings, service fees, cleaning fees and taxes, was $20.4 billion in the first quarter. The company recorded 121.1 million nights and experiences booked in the first quarter, up 19% year-over-year, in line with analyst estimates, according to StreetAccount.
Airbnb said in the investor letter that it intends to continue to focus on three “strategic priorities.” The company said it is working to make hosting on the platform as popular as travel, providing affordable accommodations for guests and increasing its presence in “less mature” international markets.
Airbnb said in its investor letter that travelers are returning to major cities, and they’re also booking longer stays.
Airbnb will hold its quarterly investor call on Tuesday at 4:30 PM ET.
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