The shares of Airbnb increased by 12% on Friday, as rising vaccinations and the reopening of economies helped the firm beat third-quarter expectations. Things are only going to get better, according to the vacation rental provider.
The third-quarter statistics proved that the short-term house rental company was being conservative when it issued an August warning that nights and experiences bookings could be scarce from July to September.
Gross bookings, which include both room nights and experiences, increased 48 percent year over year to $11.9 billion, according to Airbnb, and were also greater than the comparable pre-Covid period. The third quarter is usually the busiest for a business.
“We are thrilled to see these new travel trends lasting beyond the summer vacation season, and we are looking forward to a solid fourth quarter,” Airbnb stated." As of the end of September, Airbnb's backlog for Thanksgiving week in the United States had more than 40 percent more nights booked than in 2019, and "we are seeing the robust demand for travel extend well into 2020," according to the company. The year 2022."
The company predicts revenue between $1.39 billion and $1.48 billion from October to December, up from the same time last year and the preceding quarter. In both comparisons, nights and experiences bookings outperform significantly.
In the third quarter, revenue increased by 67 percent to $2.2 billion, compared to the same period last year. $1.22 was the adjusted profit per share.