(Boursier.com) — Airbnb soared last night by 10% after trading on Wall Street. For its fourth quarter, the group posted record results. Airbnb reported gross bookings of $13.5 billion in the fourth quarter, close to market expectations. Nights and experiences booked were 88.2 million, the highest total ever in the fourth quarter, with a rebound in Asia Pacific. Net income for the quarter was $319 million, or 48 cents per share, compared to $55 million a year earlier for the same period. Revenue reached $1.9 billion from $1.53 billion in the same quarter a year earlier. Adjusted earnings before interest, taxes, depreciation and amortization (Ebitda) amounted to $506 million, a record for a fourth quarter. Analysts polled by FactSet had expected earnings of 26 cents a share, on revenue of $1.86 billion and Ebitda of $434 million. For the full year, Airbnb posted net income of $1.89 billion, or $2.79 per share, along with revenue of $8.4 billion.
Airbnb expects revenue of $1.75 billion to $1.82 billion in the first quarter, while analysts had expected revenue of $1.68 billion. The upbeat revenue forecast is based in part on European customers booking summer travel earlier this year. However, average daily rates should correct in the first quarter and the rest of the year, due to the combination of rental supply in different regions and efforts to improve accessibility. CEO Brian Chesky said the company could cut average fares while maintaining profit margins as it stayed “lean” during the pandemic. Chesky said Airbnb’s total workforce was still 5% lower than it was before the massive layoffs in early 2020, while revenue was up 75%. “We’re one of the few tech companies that doesn’t lay off, we don’t cut, we don’t freeze,” Chesky said. “In fact, we are pressing the accelerator, but in our mind, pressing the accelerator does not mean adding a huge amount of people,” adds the leader, who says he is focusing on hiring in key positions.
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