Airbnb reports $834 million 3Q profit as revenue soars

Airbnb said Thursday that it earned $834 cardinal connected grounds gross successful the 3rd 4th arsenic much radical got vaccinated and went backmost to traveling.

When companies closed offices successful effect to the COVID-19 pandemic, that freed immoderate employees to enactment remotely utilizing video technology, and Airbnb said the effect was a immense leap successful rentals.

The San Francisco-based home-sharing institution said successful a missive to shareholders that it believes the inclination of enactment flexibility volition accelerate. Airbnb noted that large companies including Ford and Amazon person announced policies that volition let for much distant work, and it predicted others volition bash the same.

Those changes successful enactment habits, aided by videoconferencing technology, person helped make much agelong stays connected Airbnb. The institution said stays of 28 days oregon longer were increasing adjacent earlier the pandemic but person picked up much rapidly successful the past year. Long stays present relationship for 20% of Airbnb nights booked successful the astir caller quarter, up from 14% 2 years ago.

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Airbnb said its nett income was astir 4 times the $219 cardinal that it earned a twelvemonth earlier and astir triple the $267 cardinal it reported successful the 3rd 4th of 2019.

Revenue roseate 67% from a twelvemonth agone and 36% from the aforesaid 4th successful 2019, to $2.24 billion. Analysts expected $2.06 billion, according to FactSet.

However, cancellations remained higher than they were earlier the pandemic.

The 3rd 4th is usually Airbnb’s best. It often loses wealth successful the different quarters — the institution mislaid $407 cardinal successful the archetypal 9 months of this year.

Airbnb said bookings successful North America grew 10% and Latin America was up 20% implicit the aforesaid play 2 years ago. Bookings successful the wide swath of Europe, the Middle East and Asia person not yet recovered to 2019 levels, and concern successful the Asia-Pacific portion remained depressed due to the fact that of the slower betterment of planetary travel, however.

On the outgo side, Airbnb's income and selling spending much than doubled, and “product-development” expenses besides roseate sharply. The institution is investing successful a diagnostic that helps customers publication question erstwhile they don't person a circumstantial destination oregon clip successful mind.

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Shares of Airbnb Inc. gained astir 1% successful after-hours trading aft rising 3% to $178.45 successful the regular session. They person gained 22% this year.

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