Airbnb, a golden quarter for the world king of rentals
“We anticipate a strong travel season for the summer” Airbnb told the SEC during its quarterly presentation. The global San Francisco home rental group said, through its co-founder and CEO Brian Chesky, that it has had a record first quarter. Among the results: 120 million nights booked and a growing trend globally. Chesky added that the revenue growth was 20% with free cash flow of $1.6 billion. The company’s official notes reveal that revenues of between 2.350 and 2.45 billion are expected in the second quarter of the current year. This, for investors, means a positive trend between 12% and 16%. The number one of the Group did not hide some concern over the coming quarters due to financial instabilities and the winds of war that are not subsiding. “We expect the year-over-year growth in nights booked in the second quarter of 2023 to be lower than our revenue growth during the quarter,” the CEO said.
Airbnb, recover all the losses of the past years
Q1 2023 revenue (actually the least important for the company that relies most on second, third and fourth quarters) increased 20% over the same period in 2023, to $1.818 billion (a record for an Airbnb first quarter). ). Gross operating income was $262 million ($229 million last year). Net income reached $117 million versus 2022 losses of $19 million. But what are the current trends of travelers according to Airbnb? Traveling overseas is more and for longer, where bookings have grown by 36% with strong demand from Asia and the Pacific. Visitors to big cities have returned (+20%). Nights for long stays (over 28 nights) accounted for 18% of total turnover in the first quarter.
Airbnb, in 2020 a very successful stock market debut
Supply also increased with increases of around 10% and more in North America and Latin America. The company, founded in 2008 by Brian Chesky, Nathan Blecharczyk and Joe Gebbia, achieved revenues of $8,399 million last year, 40% more than in 2021 and more than double that of 2020. Operating income quadrupled to $1,802 million. From 2021 losses of 352 million to profits of 1,892 million last year. The challenge of its 2020 IPO has been fully met. The high demand raised the placement price to 68 euros, 44% of the starting price. The debut on the stock market exceeded the 100,000 million dollar market valuation. The shares rallied to $127 each giving the company a value of $80,000 million. In short, as never before, the wind is blowing strongly and sternly on the Big of rental houses.
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