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Airbnb sees record bookings despite recession fears | CNN Business

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Airbnb on Tuesday reported strong revenue growth and a new record for bookings during the first three months of the year, in a sign that demand for travel remains strong despite lingering recession fears.

The company reported revenue for the quarter grew 20% to $1.8 billion, just beating Wall Street’s estimates. The company said nights and experiences booked on the platform hit a record high of over 120 million last quarter. “More guests are traveling on Airbnb than ever before,” CEO Brian Chesky said on a call with analysts Tuesday. “We’ve seen our highest number of active bookers ever, despite continued macroeconomic uncertainties.

” Airbnb also reported net income of some $117 million, compared to a net loss in the same period last year. “We are now twice the size as we were before the pandemic on both a GBV [gross booking value] and revenue basis,” the company said in its letter to shareholders Tuesday. Despite the rosy earnings report, shares for Airbnb slid as much as 10% in after-hours trading Tuesday after the company reported a weaker outlook for the current quarter than some analysts had expected.

 

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