Airbnb first quarter revenue showed strong recovery in travel to North America with restrictions easing, customers paying higher rates for larger and more rural properties.
Airbnb’s quarterly revenue of $ 887 million was up 5% from the same period last year. Wall Street had forecast revenue of $ 721 million for the quarter.
The number of bookings – 64.4 million – increased 13% from the first quarter of last year, while the average daily rate was $ 160, up 35% year-over-year .
The gross value of the reservation – the total amount of all nights and experiences booked – amounted to $ 10.3 billion, up 52% from the same period in 2020, when the pandemic began to hit. affect travel, and 3% more than in 2019. According to FactSet, analysts were expecting $ 7.87 billion.
The company said the increase was due to a move towards more expensive bookings: more trips including entire families, more bookings of entire homes and more non-urban destinations. The supply of active listings has remained stable since the fourth quarter of 2020, the company said, although there has been an increase in the number of hosts offering non-urban properties.
Despite the strong revenue line, Airbnb posted a net loss of $ 1.8 billion in the first quarter, far more than Wall Street’s expectations of a loss of $ 680 million.
Airbnb said a number of one-time costs contributed to the large deficit, including equity-based compensation, costs related to the emergency funding it secured during the pandemic and the end of a lease of office in San Francisco.
Discounting those costs – along with interest, taxes, depreciation and amortization – Airbnb said its adjusted ebitda was minus $ 59 million, beating analysts’ expectations, according to consensus data from Capital IQ.
The company said it expected bookings for the current quarter to be significantly higher than in 2020, given the heavy impact of the pandemic during this period last year. He said he expected the inflated prices to continue.
“With the increase in vaccine availability and the relaxation of some travel restrictions, customers are more willing to research and book travel later in the year,” Airbnb said.
He warned that his activities were less predictable outside the United States. A recovery in Europe, in particular, depended on the “severity and duration” of the current travel restrictions.