Alternative accommodation provider Airbnb’s quarterly revenue bested Wall Street forecasts amid a rebound in global travel due to rising vaccination rates in the final three months of the year.
Easing lockdowns have supported Airbnb’s recovery from a sharp drop in business early last year as leisure travelers booked homes away from major cities, and the company is optimistic that the increase in cross-border travel will boost its revenue further.
Leading the recovery was North America and Europe – regions with higher average daily rates, with daily rents up 15% year-on-year to $149 in the third quarter.
According to Airbnb, 40% more nights were booked in the United States during the Thanksgiving week as of September 30 than in the same period last year.
On the other hand, gross bookings rose 48.8% to $11.9 billion, below market expectations of $12.23 billion.
In addition, revenue rose 66.7% to $2.24 billion, exceeding forecasts of $2.05 billion, and net income nearly quadrupled to $833.9 million compared to 2020.
Airbnb expects fourth-quarter revenue of between $1.39 billion and $1.48 billion, close to analysts’ estimates of $1.44 billion.
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