Brian Chesky, co-founder and CEO of Airbnb, speaks during an interview with CNBC on the ground of the Latest York Stock Exchange, May 10, 2023.
Brendan McDermid | Reuters
Airbnb shares slipped greater than 3% in after-hours trading Wednesday after the corporate reported stronger-than-expected revenue, buoyed by currency tailwinds, but provided weaker-than-expected guidance for the upcoming fiscal quarter.
Here’s how the corporate did:
- Earnings: $6.63 per share. That might not be comparable to the $2.10 expected by analysts, in line with LSEG, formerly referred to as Refinitiv
- Revenue: $3.40 billion, vs. $3.37 billion expected
Net income for the quarter, including a one-time income tax profit, was $4.37 billion. Excluding that one-time profit, the corporate reported quarterly net income of $1.61 billion, compared with $1.21 billion within the year-ago quarter.
Revenue grew 18% 12 months over 12 months, the corporate said. Total nights and experiences bookings got here in at 113.2 million for the quarter, greater than the 99.7 million it reported within the year-ago quarter and beating a StreetAccount consensus estimate of 112.9 million.
The corporate guided to $2.13 billion to $2.17 billion in fourth-quarter revenue, representing year-over-year growth starting from 12% to 14%. That was lower than the $2.18 billion that analysts polled by LSEG had been expecting.
“We’re seeing greater volatility early in Q4, and are closely monitoring macroeconomic trends and geopolitical conflicts that will impact travel demand,” the corporate said in its letter to shareholders.
Airbnb also reported adjusted EBITDA of $1.83 billion, growing 26% 12 months over 12 months, and free money flow of $1.31 billion, or 37% greater than the $958 million it reported within the year-ago period.
The corporate also provided updates on its efforts to lower the associated fee of Airbnb stays for consumers. “While prices are increasing industry-wide, the common nightly price of a one-bedroom listing on Airbnb in September was $120, just one% higher than it was within the prior 12 months period,” the corporate said in its letter to shareholders.
The corporate also said it might be taking steps to boost listing verifications later within the 12 months within the U.S. and 4 other countries.
