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  • Kyle Chua

Airbnb’s Business Picks Up As Bookings Surge in First Quarter of the Year

Airbnb is recently seeing a resurgence in bookings, driving its business further forward as it continues to bounce back from losses brought about by the pandemic.

Credit: Unsplash

According to CNN Business, the home-rental platform saw more than 100 million bookings during the first quarter of this year, with many countries around the world now loosening travel restrictions.


This recent increase in demand helped drive the company’s revenue to reach US$1.5 billion, which is 70% more than what it posted in the same period last year. The revenue is also an 80% increase from 2019, the last quarter before its business was decimated by the pandemic.

The San Francisco-based company, meanwhile, posted a net loss of US$19 million, which is significantly less than the $1.2 billion it posted in the same quarter last year.


In a letter to shareholders, Airbnb attributed the growth to the recent surge in bookings and the increase of daily rates. The average daily rate on the platform during the first quarter was $168, which is about 37% more than during its last pre-pandemic quarter. The increase is said to be due to more bookings in “North America entire homes and non-urban destinations," said the company.


It added that its business has picked up "despite the ongoing pandemic, the war in Ukraine, and macroeconomic headwinds”.


CEO Brian Chesky maintains that the platform has diverse offerings covering different price points. The company also doesn’t see the price appreciation having an effect on its business.


The tech executive also said he anticipates more people to travel this year, and is thus focused on capturing "as much market share as possible”. This includes getting people who haven’t travelled since the start of the pandemic to place bookings on Airbnb.

Airbnb is also expected to host an event later this week to announce changes to its product. Chesky teased the announcement as the "biggest change to Airbnb in a decade".

 
  • Airbnb is recently seeing a resurgence in bookings, driving its business further forward as it continues to bounce back from losses brought about by the pandemic.

  • This recent increase in demand helped drive the company’s revenue to reach US$1.5 billion, which is 70% more than what it posted in the same period last year.

  • The San Francisco-based company, meanwhile, posted a net loss of US$19 million, which is significantly less than the $1.2 billion it posted in the same quarter last year.


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