With quarterly revenue of $2.1 billion, the platform is profitable for the first time this time of year.
Airbnb benefited from the recovery in tourism in the spring, with a record number of reservations which allowed it to be profitable for the first time during this period of the year. The online accommodation booking platform posted quarterly revenue of $2.1 billion (+58% year-on-year), according to its earnings release released on Tuesday. It generated 379 million in net profits, against losses of 68 million in the same period a year ago.
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These figures are in line with analysts’ forecasts, but they probably expected better, as Airbnb’s stock fell 8% in electronic trading after the close of trading. “Our second quarter results show that Airbnb has achieved growth and profitability at scale“said the Californian group. The platform recorded 103.7 million “reservations of nights and experiences» from April to June.
“A solid summer season”
Over the period, the number of cancellations was “higher than our internal estimatesHowever, recognized Dave Stephenson, the company’s chief financial officer, during a conference call with analysts. Cancellations caused in particular by those of international flights around the world, particularly in North America. But the leader said he was confident for the current quarter, that of the summer holidays in the northern hemisphere. “We are seeing strong demand for tourism worldwide“, he assured.
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According to the statement, Airbnb achieved its record single-day revenue on July 4, “the sign of a solid summer season“. While many companies have had to freeze recruitment or part with part of their employees in the face of the economic crisis caused by inflation, the tourism platform says to itself “well prepared for anything that can happen“. “At the height of the pandemic, we made many tough decisions to reduce our expenses, and our business emerged healthier and more focused.“says the management.