Airbnb 1Q Revenue Growth Accelerates as Travel Demand Holds

By Ben Glickman

Airbnb posted higher profit and revenue in the first quarter as travelers continued to book stays around major events.

The San Francisco-based short-term rental company posted a profit of $264 million, or 41 cents a share, in the quarter ended March 31, compared with a profit of $117 million, or 18 cents a share, a year ago. Analysts polled by FactSet expected per-share profit of 23 cents.

Revenue rose 18% to $2.14 billion, beating the $2.06 billion forecast by analysts and the company's own guidance.

Gross booking value was up 12% from a year earlier to $22.9 billion, driven by a 9.5% increase in nights and experiences booked and a 3% small increase in average rates.

Wall Street analysts were expecting $22.41 billion in gross bookings.

Airbnb said it expects revenue of $2.68 billion to $2.74 billion in the second quarter, which would represent growth of 8% to 10%. Analysts polled by FactSet expect $2.74 billion in revenue.

The timing of the Easter holiday would be a sequential headwind in the second quarter, the company said, after benefiting results in first quarter.

Airbnb expects revenue growth to accelerate in the third quarter as the company has already seen strong demand around the Olympics and other events.

Write to Ben Glickman at ben.glickman@wsj.com

(END) Dow Jones Newswires

May 08, 2024 16:20 ET (20:20 GMT)

Copyright (c) 2024 Dow Jones & Company, Inc.