Airbnb reports third quarter profit of $ 834 million as revenue skyrockets
Airbnb said Thursday it made $ 834 million on record third quarter revenue as more people get vaccinated and go back on trips.
When companies closed their offices in response to the COVID-19 pandemic, it allowed some employees to work remotely using video technology, and Airbnb said the result was a huge increase in rentals.
The San Francisco-based home-sharing company said in a letter to shareholders that it believes the trend towards flexible work will accelerate. He noted that large companies, including Ford and Amazon, have announced flexible labor policies, and he predicted others would follow suit.
Airbnb said its net income was nearly four times the $ 219 million it earned a year earlier and nearly triple the $ 267 million reported in the third quarter of 2019.
Revenue increased 67% from a year ago and 36% from the same quarter in 2019, to reach $ 2.24 billion. Analysts were expecting $ 2.06 billion, according to FactSet.
However, cancellations remained higher than they were before the pandemic.
The third quarter is generally Airbnb’s best. He often loses money in other neighborhoods.
Airbnb said stays of 28 days or more continue to be its fastest growing category, accounting for 20% of nights booked in the last quarter, up from 14% before the pandemic.
The company said bookings in North America were up 10% and Latin America by 20% compared to the same period two years ago. Europe, Middle East and Asia broadband bookings have yet to return to 2019 levels, and activity in the Asia-Pacific region has remained depressed due to the slower recovery international travel.
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