Airbnb beats earnings expectations for first quarter but offers weaker-than-expected guidance

Airbnb
reported

first-quarter
results
on
Wednesday
that
beat
analysts’
estimates
but
offered
weaker-than-expected
guidance.
Shares
fell
more
than
6%
in
extended
trading.

Here’s
how
the
company
did,
compared
with
consensus
expectations
from
LSEG:

• 
  Earnings
  per
  share:
  41
  cents
  vs.
  24
  cents expected
• 
  Revenue:
  $2.14
  billion
  vs.
  $2.06
  billion expected

Revenue
increased
18%
from
$1.82
billion
a
year
earlier.
Airbnb
reported
a
net
income
of
$264
million,
or
41
cents
per
share,
compared
to
$117
million,
or
18
cents
per
share,
in
the
same
period
last
year.

The
company
said
revenue
in
its
second
quarter
will
come
in
between
$2.68
billion
and
$2.74
billion.
Analysts
were
expecting
$2.74
billion
for
the
period,
according
to
LSEG.

In
its
letter
to
shareholders,
Airbnb
said
it
is
already
experiencing “robust
demand
for
travel”
ahead
of
the
peak
summer
season,
particularly
around
upcoming
events
like
the
Olympics
in
Paris.
The
company
also
said
it
expects
that
year-over-year
revenue
growth
for
its
third
quarter
will
accelerate
compared
to
the
second
quarter,
in
part
because
of
its
summer
travel
backlog.

Other
special
events
like
the
solar
eclipse
in
North
America
helped
drive
engagement
with
Airbnb’s
platform
during
the
first
quarter.
The
company
said
it
had
500,000
guests
stay
on
Airbnb
during
the
eclipse,
according
to
its
investor
letter.

Airbnb
said
adjusted
EBITDA
for
the
first
quarter
was
$424
million,
up
62%
year
over
year.
Analysts
polled
by
StreetAccount
were
expecting
$326
million.

Gross
booking
value,
which
Airbnb
uses
to
track
host
earnings,
service
fees,
cleaning
fees
and
taxes,
was
$22.9
billion
in
the
first
quarter.
The
company
reported
132.6
million
nights
and
experiences
booked,
up
9.5%
from
a
year
ago,
and
higher
than
the
132.1
million
expected
by
analysts,
according
to
StreetAccount.

Growth
in
Airbnb’s
nights
and
experiences
booked
was
led
by
the
Asia
Pacific
and
Latin
America
regions,
Airbnb
said.
The
company
is “particularly
encouraged”
by
growth
of
its
app
downloads
and
usage,
according
to
its
shareholder
letter.
Airbnb
app
downloads
in
the
U.S.
increased
60%
year
over
year.

Average
daily
rates
increased
3%
from
a
year
ago
to
$173
in
the
first
quarter,
the
company
said.
It
ended
the
quarter
with
its “highest
number
of
active
listings
yet,”
according
to
the
letter,
which
jumped
15%
from
a
year
earlier.

Correction:
Airbnb’s
quarterly
net
income
was
$264
million.
An
earlier
version
misstated
the
figure.