Airbnb surpasses 100 million nights booked in a quarter for the first time, stock jumps after earnings beat

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Airbnb Inc. on Tuesday reported results that show continued recovery from the effects of the coronavirus pandemic — and then some.

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“Two years into the pandemic, Airbnb is substantially stronger than ever before,” executives wrote in a letter to shareholders.

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The lodging-booking company recorded 102.1 million nights and experiences booked in the first quarter, the first time it has hit the 100 million mark in a quarter, beating analysts’ expectation of 100.8 million. That was an increase of 26% compared with the first quarter of 2019, and excluding Asia Pacific it was up almost 40%. Gross bookings were $17.2 billion, compared with analysts’ expectation of $16.6 billion and up 73% compared with the 2019 quarter.

After beating analysts’ expectations for the first quarter and issuing an optimistic forecast for the current period, Airbnb ABNB,
-5.09%
shares increased by more than 6% after hours. They had fallen 5.1% in the regular session to close at $145.

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Airbnb reported a first-quarter net loss of $19 million, or 3 cents a share, compared with $1.2 billion, or $1.95 a share, in the year-ago period, and $292 million in the first quarter of 2019. Revenue rose to $1.5 billion from $886.9 million in the year-ago quarter, a 70% year-over-year increase and an 80% improvement from the same prepandemic quarter.

Analysts surveyed by FactSet had forecast a net loss of 25 cents a share on revenue of $1.45 billion.

Airbnb has seen 30% more nights booked for the summer season as of the end of April, more than during the comparable time in 2019. The company said it expects second-quarter revenue of between $2.03 billion and $2.13 billion, and for gross nights and experiences booked to be similar to the first quarter. Analysts were forecasting earnings of 29 cents a share on revenue of $1.96 billion, according to FactSet.

Shares of Airbnb have fallen nearly 8% so far this year. By comparison, the S&P 500 index SPX,
+0.48%
is down more than 13% year to date.

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Credit: www.marketwatch.com /

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