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World NewsAirbnb (ABNB) earnings Q3 2021

Airbnb (ABNB) earnings Q3 2021

Rafael Henrique | LightRocket | Getty Images

Airbnb reported sturdy third-quarter revenue progress and a beat on income estimates Thursday, as the corporate continues its restoration from Covid-19 and journey returns as vaccinations efforts ramp up worldwide.

Shares briefly rose greater than 3% in after-hours buying and selling earlier than paring positive factors.

Here’s how Airbnb did in contrast with Wall Street estimates:

  • Earnings per share: $1.22, which isn’t similar to estimates
  • Revenue: $2.24 billion vs. $2.05 billion estimated by Refinitiv

The firm reported 79.7 million nights and experiences booked within the third quarter, a slight lower from the second quarter. That was nonetheless up 29% 12 months over 12 months, when Covid-19 battered the journey business. Analysts had estimated 80.8 million nights and experiences for the quarter, in keeping with StreetAccount.

The firm additionally noticed its highest-ever income and internet earnings within the third quarter. Revenue got here in at $2.24 billion, up 67% 12 months over 12 months. Net earnings surged 280% to $834 million on a year-over-year foundation.

Airbnb expects income between $1.39 billion and $1.48 billion within the fourth quarter, consistent with analyst expectations.

In its third-quarter letter to shareholders, Airbnb stated restoration traits proceed to range regionally, and by vaccination charges and journey restrictions. But the corporate added it’s “uniquely positioned for this travel revolution.” In North America alone, nights and experiences booked have been up 10% from the identical quarter in 2019, Airbnb stated.

Airbnb previously reported in its second-quarter letter to shareholders that it expected the Covid delta variant to affect journey habits. The firm had additionally anticipated the variant to make year-over-year comparisons for nights and experiences booked and gross reserving worth “more volatile and non-linear.”

Gross reserving worth — which the corporate makes use of to trace host earnings, service charges, cleansing charges and taxes — totaled $11.89 billion within the third quarter. That was up about 48% 12 months over 12 months however fell barely beneath a StreetAccount forecast of $12.31 billion.

Average each day charges for the corporate dropped to $149 from roughly $161 within the final quarter. That’s up about 15% from the identical interval final 12 months.

The firm stated it expects a robust fourth quarter and for journey demand to increase into 2022. It additionally expects nights and experiences booked for the fourth quarter to “significantly outperform” the identical interval final 12 months.

“Looking to 2022, vaccination progress and the recovery of international travel in Q4 2021 will be key themes for growth heading into the new year,” the corporate wrote.

Company executives will talk about the outcomes throughout a convention name at 5:30 p.m. ET.

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