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Airbnb bets on summer of travel to drive revenue growth

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Thursday, March 23, 2023
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Airbnb bets on summer of travel to drive revenue growth

Airbnb bets on summer of travel to drive revenue growth

Vacation rental firm Airbnb Inc projected second-quarter revenue above market estimates. By betting on pent-up demand to drive a summer of strong travel after COVID-19 curbs were eased globally. The San Francisco-based firm expects revenue between $2.03 billion and $2.13 billion, compared with the average analyst expectation of $1.96 billion. The rise of hybrid working has in recent months encouraged people to book longer and more frequent stays in destinations away from cities.

Chief Executive Brian Chesky said on a call with analysts that they are going to continue to see continued and sustained growth for stays of longer than a month and stays of longer than a week. Shares of the company rose more than 4% in extended trading. Airbnb, which made a slew of changes to its service to take advantage of the post-pandemic travel surge, said it posted the strongest growth in gross nights booked in non-urban areas in the first three months of 2022.

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Gross booked nights in urban destinations also rose sharply to above pre-pandemic levels. That along with a 37% surge in average daily rates over 2019 levels drove Airbnb’s revenue. The company reported a net loss of 3 cents per share. Baird Equity Research analyst Colin Sebastian said that Airbnb exceeded expectations on almost every line item, with strong bookings trends for the summer and balance of the year. Also, he added that the travel recovery in urban areas, cross-border and APAC (Asia-Pacific) should fuel additional bookings growth in the coming quarters/years.

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Recent News

Data shows that US inflation cooling

Household wealth anticipation has declined, claim by global poll

Support measures push Japanese corporate bankruptcies to 50 year low

How is the bond yield controlled in Japan?

BOJ’s Kuroda signals readiness to extend pandemic-aid scheme

Policy takes the u-turn; BoJ’s yield curve may slip

Asia shares falls on worries over inflation, Fed outlook

Stocks are calm ahead of a possible CPI hurricane

Artificial intelligence to take on the Aviation industry too

Normalcy wished to revert to airlines after FFA blackout

Dollar dented as consumer sentiment dives

Dollar declines on expectations of weaker US rate increases and China’s resumption

Global Business Review Magazine

Global Business Review is a online print magazine focusing on the updates and information about on emerging markets, Finance, Banking, Technology. Global Business Review provides news, features, analysis, commentary, and interviews from industry across the globe.

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  • Normalcy wished to revert to airlines after FFA blackout

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