In this illustration, the Airbnb logo is displayed on a computer and cell phone screen on February 13, 2024 in Los Angeles, California.
Mario Tama | Getty Images
Airbnb It announced first-quarter results on Wednesday that beat analysts' estimates but provided weaker-than-expected guidance. Shares fell more than 6% in extended trading.
Here's what the company did, compared to consensus expectations from LSEG:
Earnings per share: 41 cents vs. 24 cents expected Revenue: $2.14 billion vs. $2.06 billion expected
Revenue rose 18% from $1.82 billion the previous year. Airbnb recorded net income of $264 million, or 41 cents per share, compared to $117 million, or 18 cents per share, in the same period last year.
The company said revenues in the second quarter will range between $2.68 billion and $2.74 billion. Analysts were expecting $2.74 billion for the period, according to LSEG.
In its letter to shareholders, Airbnb said it was already seeing “strong travel demand” ahead of the peak summer season, especially around upcoming events such as the Olympics in Paris. The company also said it expects year-over-year revenue growth to accelerate for the third quarter compared to the second quarter, due in part to summer travel backlog.
Other special events such as the North American solar eclipse helped drive engagement with the Airbnb platform during the first quarter. The company said it had 500,000 guests staying on Airbnb during the eclipse, according to its investor letter.
Airbnb said first-quarter adjusted EBITDA was $424 million, up 62% year over year. Analysts surveyed by StreetAccount had expected $326 million.
Total booking value, which Airbnb uses to track host earnings, service fees, cleaning fees and taxes, was $22.9 billion in the first quarter. The company reported 132.6 million nights and experiences booked, up 9.5% from a year ago and higher than the 132.1 million that analysts had expected, according to StreetAccount.
Growth in Airbnb nights and experiences booked was led by the Asia Pacific and Latin America regions, Airbnb said. The company is “particularly encouraged” by the growth in app downloads and usage, according to the shareholder letter. Airbnb app downloads in the US increased 60% year over year.
Average daily rates rose 3% from a year ago to $173 in the first quarter, the company said. It ended the quarter with “the highest number of active listings to date,” according to the letter, which jumped 15% from the previous year.
Correction: Airbnb's quarterly net income was $264 million. An earlier version misstated this number.
