Airbnb Revenue reached $ 1.5 billion in January-March for the first time in the company’s history.

The US-based housing and alternative accommodation giant saw revenue increase by 70% year-on-year – 80% higher than the corresponding quarter of 2019 ($ 839 million), before its listing in public markets.

Those affected by the 2020 and 2021 pandemics recorded company revenues of $ 842 million and $ 887 million, respectively, in the first quarter of the fiscal year.

Airbnb’s current strategy to attract digital nomads and longer stays in its real estate portfolio continues, with the company revealing that 21% of gross overnight stays booked in the first quarter of 2022 were for stays of 28 days or more .

This figure increased from 13% in 2019 and slightly lower than 24% in 2021. Almost half of all booked stays on the platform are for periods of at least one week.

In total, in the first quarter of 2022, the platform booked about 102.1 million overnight stays per room, which is 57% more than in 2021 and brought the gross value of reservations of $ 17.2 billion (up to 67%). annually).

Airbnb says it achieved its first winning period in the first quarter with adjusted EBITDA of $ 229 million (compared to losses in 2019 and 2021). Net losses amounted to $ 19 million for the three months – an improvement over the red mark of $ 292 million in 2019.

The strong start of the financial year comes in part due to huge demand despite “continuing fears of a pandemic, the war in Ukraine and macroeconomic cross-winds,” the company said.

All global regions except the Asia-Pacific region are experiencing strong levels of recovery in overnight stays and experiences booked on the platform, with Latin America being the exclusive part of the world at 65% higher in the first quarter of 2022 than in the previous quarter. quarter of 2019

Restrictions on cross-border travel in the Asia-Pacific region (particularly China) have hampered a significant recovery and reservations have remained “depressed”.

The company says: “While we have seen COVID distort historical models of seasonality in 2020 and to a lesser extent in the first half of 2021 as a result of travel restrictions and changing travel preferences related to the pandemic, we see pre-pandemic patterns of return to seasonality in 2022

Speaking about the earnings conversation with analysts, CEO Brian Cesky said the company receives 90% of its traffic through direct or unpaid channels.

“Advertising is really a form of additional education for us. It is not the main engine of growth. We believe that Airbnb’s main driver of growth is innovation. It’s about building a product that people love.

“And the role of marketing is not to buy customers. The role of marketing for us is to educate people about our new features and our new offerings.”

With regard to some of the product lines that were removed from the mass during the COVID-19 pandemic or removed, Chesky says that in the current reporting year it will focus on trying to gain the largest possible market share of its core product (alternatively accommodation – “permanent”, call it), but other options are being considered.

Airbnb Experiences is a “big area” of investment in the coming years, Cesky said, increasing again in 2022 and “even more” in 2023.

Cesky also claims that the “I’m flexible” search functionality has been used two billion times by users of the site.

He added: “We see people booking properties outside many of the popular tourist destinations.

“And we see the ability to redistribute travel demand beyond the most popular hotspots like Rome, Paris, Las Vegas, New York and Los Angeles. So that’s really the most important thing I’m flexible can do. “

Airbnb is expected to announce a raft for service improvements in mid-May, Cesky said, making it easier for hosts to list the site, attract more hosts and manage properties and availability.

https://www.phocuswire.com/Airbnb-earnings-Q1-2022

Previous articleLloyd’s Register awards AiP to the methanol generator to hydrogen at the e1 Marine
Next articleLibra Industries appoints Luis Montiel as Chief Financial Officer