Airbnb pops after sales soar amid 'substantial' travel demand
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Airbnb (ABNB) jumped in after-hours trading after reporting Q1 revenue ahead of estimates on what it said was substantial demand for travel from consumers.
The company reported that gross booking value soared 67% to $17.2B from a year ago.
Revenue was up 70% to $1.5B. The company said the strong revenue growth was driven by the combination of growth in Nights and Experiences Booked, and continued strength in ADR, despite the ongoing pandemic, the war in Ukraine, and macroeconomic headwinds.
Adjusted EBITDA was positive at $229M vs. -$59M in 2021 and -$248M in 2019.
Long-term stays more than doubled and were at a record high.
Looking ahead, Airbnb (ABNB) expects Q2 revenue of $2.03B to $2.15B vs consensus of $1.97B.
Shares of Airbnb (ABNB) are up 7.19% in after-hours trading. That move follows a 5.18% decline during the regular session.
The travel sector had a down day overall on Tuesday after Hilton's guidance came in lower than anticipated.