Brian Chesky, CEO and Co-founder of Airbnb
Mike Segar | Reuters
Shares of Airbnb rose about 9% in prolonged buying and selling Tuesday after the corporate launched fourth-quarter earnings that beat analysts’ estimates on prime and backside traces.
Here’s how the corporate did:
- EPS: 48 cents vs. 25 cents anticipated by analysts, in line with Refinitiv.
- Revenue: $1.90 billion vs. $1.86 billion anticipated by analysts, in line with Refinitiv.
Revenue for the fourth quarter was up 24% yr over yr. Airbnb reported $319 million in web revenue for the quarter, up from $55 million a yr earlier, and adjusted earnings earlier than curiosity, taxes, depreciation, and amortization of $506 million, surpassing the $432 million anticipated by analysts, in line with StreetAccount.
In its shareholder letter, Airbnb mentioned it is seeing continued sturdy demand in the beginning of 2023. The firm mentioned income within the first quarter shall be between $1.75 billion and $1.82 billion, above the $1.69 billion anticipated by analysts polled by Refinitiv.
Airbnb mentioned it made troublesome decisions to chop spending through the pandemic however has modestly elevated its head depend over the previous two years. The firm mentioned it expects to “continue hiring at a judicious pace in 2023” and that in contrast with 2019 its head depend is down 5% whereas income is up 75%.
Gross reserving worth, which Airbnb makes use of to trace host earnings, service charges, cleansing charges and taxes, totaled $13.5 billion within the fourth quarter. The firm reported 88.2 million nights and experiences booked within the fourth quarter, up 20% yr over yr, however beneath the 89.7 million anticipated by analysts, in line with StreetAccount.
Airbnb mentioned within the investor letter that vacationers are returning to main cities, which has traditionally been one of many “strongest areas” of its business. The firm mentioned home and short-distance journey continued to be sturdy, but it surely noticed “even further improvement” in longer-distance and cross-border journey through the quarter.
Airbnb mentioned visitor demand and provide progress remained sturdy all through 2022.
Average each day charges decreased by 1% from a yr in the past to $153 within the fourth quarter. The firm ended 2022 with 6.6 million lively listings, which displays a rise of over 900,000, or 16%, in contrast with 2021.
Airbnb mentioned it is “particularly encouraged” by market share features in Latin America, continued restoration inside Asia Pacific, and European vacationers who’re reserving summer time holidays early.
The firm will maintain its quarterly name with buyers Tuesday at 4:30 p.m. ET.
Source: www.cnbc.com