Airbnb Inc. said Tuesday that it had its first profitable second quarter as a public company, and that it is so confident in its business that it is buying back $2 billion of its stock.
The lodging-booking company reported second-quarter net income of $379 million, or 56 cents a share, compared with a loss of $68 million, or 11 cents a share, in the year-ago period. Revenue rose to $2.19 billion from $1.34 billion in the year-ago quarter.Airbnb said demand for travel is strong almost everywhere. The company’s gross bookings amounted to $17 billion, up 27% year over year and 73% higher compared with the pre-pandemic 2019 quarter. Customers booked 103.
Airbnb expects third-quarter revenue of $2.78 billion to $2.88 billion, which it says it expects to be its highest yet. It also expects adjusted Ebitda to be its highest yet, though it did not provide a number. Analysts on average had forecast earnings of $1.29 a share on revenue of $2.77 billion, and adjusted Ebitda of $1.26 billion, according to FactSet.
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