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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 t