Brian Chesky, co-founder and chief govt officer of Airbnb Inc., throughout a information convention in Los Angeles, California, US, on Wednesday, Might 1, 2024.
Eric Thayer | Bloomberg | Getty Photographs
Airbnb reported third-quarter earnings on Thursday that have been shy of analyst estimates, although it squeaked in a small income beat. The inventory fell about 3% in after-hours buying and selling.
This is how the corporate did:
- Earnings per share: $2.13 vs. $2.14 anticipated by LSEG
- Income: $3.73 billion vs. $3.72 billion anticipated by LSEG
Income elevated 10% from $3.4 billion a yr earlier. Airbnb reported internet revenue of $1.37 billion, or $2.13 per share, in contrast with $4.37 billion, or $6.63 per share, in the identical interval final yr. The corporate famous a $2.8 billion tax profit through the third quarter of 2023.
The corporate expects to report income between $2.39 billion and $2.44 billion throughout its fourth quarter. Analysts have been anticipating $2.42 billion for the interval, in accordance with LSEG.
In a letter to shareholders, Airbnb stated it’s centered on increasing past its core markets and into under-penetrated markets across the globe. The common progress charge of nights booked in Airbnb’s growth markets was double that of its core markets on an origin foundation through the third quarter, the corporate stated.
“We’ll stay centered on accelerating progress whereas making ready for Airbnb’s subsequent chapter, which is able to take us past lodging,” Airbnb stated. “You will see extra on this subsequent yr.”
Airbnb stated adjusted EBITDA for the third quarter was $2 billion, up 7% yr over yr. Analysts polled by StreetAccount have been anticipating $1.86 billion.
Gross reserving worth, utilized by Airbnb to trace host earnings, service charges, cleansing charges and taxes, totaled $20.1 billion within the third quarter. That is above the $19.9 billion anticipated by analysts, in accordance with StreetAccount. The corporate reported 123 million nights and experiences booked, up 8% from a yr in the past and better than the 121.4 million anticipated by StreetAccount.
Airbnb stated it noticed internet hosting progress throughout all areas and market sorts through the third quarter. The corporate stated in its shareholder letter that it has greater than 8 million lively listings and has labored to enhance itemizing high quality. Airbnb has eliminated greater than 300,000 listings since final yr, the corporate stated.
Common day by day charges elevated 1% from a yr in the past to $164 within the third quarter, the corporate stated.
The corporate will maintain its quarterly name with buyers at 4:30 p.m. ET.
