It said the increase from last year “was entirely driven by price appreciation.”
Shares in Airbnb rose more than 5% in after-hours trading, after dropping 5% during normal hours.Īirbnb attributed the growth in rates compared to the pre-pandemic period partly to more bookings in “North America entire homes, and non-urban destinations,” which tend to have higher rates. Airbnb said the average daily rates in the first quarter were $168, a 37% increase compared to the same quarter in 2019, pre-pandemic, and 5% compared to the first quarter of 2021. Airbnb posted a net loss of $19 million, down from a loss of $1.2 billion the same quarter in 2021.Īirbnb said in a letter to shareholders that the revenue growth was driven by increased bookings, as well as “continued strength” in average daily rates. The revenue also marks an 80% increase from the same quarter in 2019, the last quarter before its business was hit by the pandemic. The home-sharing platform posted revenue of $1.5 billion, up 70% compared to the year prior and exceeding the $1.45 billion expected by analysts surveyed by Refinitiv. The resurgence in demand has sent the company’s rental rates to new heights as well.
Airbnb reported more than 100 million bookings during the first quarter of this year, a record for the company that underscores the turnaround from when its business was decimated in the early months of the pandemic.
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