Airbnb (ABNB) Q1 2024 earnings

Airbnb reported first-quarter results on Wednesday that beat analysts’ estimates however supplied weaker-than-expected steerage. Shares fell greater than 6% in prolonged buying and selling.

Here is how the corporate did, in contrast with consensus expectations from LSEG:

• Earnings per share: 41 cents vs. 24 cents anticipated
• Income: $2.14 billion vs. $2.06 billion anticipated

Income elevated 18% from $1.82 billion a 12 months earlier. Airbnb reported a web revenue of $264 million, or 41 cents per share, in comparison with $117 million, or 18 cents per share, in the identical interval final 12 months.

The corporate stated income in its second quarter will are available in between $2.68 billion and $2.74 billion. Analysts have been anticipating $2.74 billion for the interval, in accordance with LSEG.

In its letter to shareholders, Airbnb stated it’s already experiencing “sturdy demand for journey” forward of the height summer season season, notably round upcoming occasions just like the Olympics in Paris. The corporate additionally stated it expects that year-over-year income development for its third quarter will speed up in comparison with the second quarter, partially due to its summer season journey backlog.

Different particular occasions just like the photo voltaic eclipse in North America helped drive engagement with Airbnb’s platform in the course of the first quarter. The corporate stated it had 500,000 visitors keep on Airbnb in the course of the eclipse, in accordance with its investor letter.

Airbnb stated adjusted EBITDA for the primary quarter was $424 million, up 62% 12 months over 12 months. Analysts polled by StreetAccount have been anticipating $326 million.

Gross reserving worth, which Airbnb makes use of to trace host earnings, service charges, cleansing charges and taxes, was $22.9 billion within the first quarter. The corporate reported 132.6 million nights and experiences booked, up 9.5% from a 12 months in the past, and better than the 132.1 million anticipated by analysts, in accordance with StreetAccount.

Development in Airbnb’s nights and experiences booked was led by the Asia Pacific and Latin America areas, Airbnb stated. The corporate is “notably inspired” by development of its app downloads and utilization, in accordance with its shareholder letter. Airbnb app downloads within the U.S. elevated 60% 12 months over 12 months.

Common each day charges elevated 3% from a 12 months in the past to $173 within the first quarter, the corporate stated. It ended the quarter with its “highest variety of lively listings but,” in accordance with the letter, which jumped 15% from a 12 months earlier.

Correction: Airbnb’s quarterly web revenue was $264 million. An earlier model misstated the determine.