(New York) Airbnb reported record bookings for this time of year in the first quarter with vacationers traveling more overseas and in cities, but the platform also warned that a slowdown is to be expected. In the coming months.
In electronic trading following the close of the official session, its action fell more than 11% Tuesday on Wall Street.
Airbnb’s revenue jumped 20.5% in the first quarter to $1.8 billion, as the platform sold more than 120 million room nights and experiences at stable prices ($168 per day in mean).
The company posted a net profit of $117 million, compared to a loss of $19 million over the same period in 2022.
“We are now twice as big as before the pandemic, in terms of the amount of reservations and turnover, and our profitability and our cash flow are significantly higher,” underlined the co-founder and general manager Brian Chesky.
Like other tourism-related companies, Airbnb enjoyed a strong rebound from the COVID-19 soft spot, with consumers eager to travel again.
But this growth will slow down.
Airbnb anticipates revenue of between $2.35 billion and $2.45 billion in the second quarter, which would represent growth of 12% to 16% over the previous year.
The number of nights and experiences sold on the platform should grow at an even slower pace, and much less than in 2022, while the average price per day should fall slightly, anticipates the company.
With inflation, “pressure on household budgets should push some consumers to choose more affordable rentals,” said Nicholas Cauley, analyst at Third Bridge.
The margin on earnings before interest, taxes and depreciation is expected to decline, particularly as marketing expenses will increase earlier than in 2022, Airbnb said.
2023-05-09 21:55:10
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