Airbnb said Tuesday that it earned $379 million in the second quarter on record bookings and rising rates, and the short-term rental giant announced a plan to spend up to $2 billion to buy its own stock.
The results showed a reversal from losses in the second quarter of both last year and 2019.
Airbnb has benefitted from the increase in travel and the exodus of workers from offices, which frees them to work from just about anywhere they can get internet access.
Bookings in the second quarter were about one-fourth higher than last year and 2019. The San Francisco-based company said customers were making more international bookings. Listings away from major cities rose to nearly 50% compared with the second quarter of 2019, although Airbnb said urban listings grew compared with the previous three months.
Chief Financial Officer Dave Stephenson said Airbnb saw higher numbers of cancellations late in the quarter, which he blamed on airlines canceling flights. Most of the cancellations were in North America, he said.
Airbnb said the daily rate paid by renters averaged $164, up 1% from a year ago and 40% from the same period in 2019. The shift in bookings from cities to less populated areas such as beach and mountain destinations, has helped drive prices higher.
Airbnb said it that excluding stock-based compensation and some other costs, it earned 56 cents per share.
Revenue rose 58% from a year earlier and 73% from the second quarter of 2019, to $2.10 billion. Analysts expected revenue of $2.11 billion, according to a FactSet survey.
Airbnb said third-quarter revenue would be between $2.78 billion and $2.88 billion on “slightly higher” average rental prices. Analysts expect $2.77 billion.
Airbnb’s stock fell 9% in extended trading.
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The results showed a reversal from losses in the second quarter of both last year and 2019.
Airbnb has benefitted from the increase in travel and the exodus of workers from offices, which frees them to work from just about anywhere they can get internet access.
Bookings in the second quarter were about one-fourth higher than last year and 2019. The San Francisco-based company said customers were making more international bookings. Listings away from major cities rose to nearly 50% compared with the second quarter of 2019, although Airbnb said urban listings grew compared with the previous three months.
Chief Financial Officer Dave Stephenson said Airbnb saw higher numbers of cancellations late in the quarter, which he blamed on airlines canceling flights. Most of the cancellations were in North America, he said.
Airbnb said the daily rate paid by renters averaged $164, up 1% from a year ago and 40% from the same period in 2019. The shift in bookings from cities to less populated areas such as beach and mountain destinations, has helped drive prices higher.
Airbnb said it that excluding stock-based compensation and some other costs, it earned 56 cents per share.
Revenue rose 58% from a year earlier and 73% from the second quarter of 2019, to $2.10 billion. Analysts expected revenue of $2.11 billion, according to a FactSet survey.
Airbnb said third-quarter revenue would be between $2.78 billion and $2.88 billion on “slightly higher” average rental prices. Analysts expect $2.77 billion.
Airbnb’s stock fell 9% in extended trading.
Continue reading...
