Airbnb reports better-than-expected revenue and beats on guidance

Airbnb
reported
better-than-expected
revenue
for
the

fourth
quarter
on
Tuesday
and
issued
an
optimistic
forecast
for
the
current
period.
The
stock
fell
more
than
4%
in
extended
trading.

Here’s
how
the
company
did:

• 
  Loss
  per
  share: 55
  cents.
  It’s
  not
  immediately
  clear
  if
  that’s
  comparable
  to
  the
  profit
  estimate
  of
  62
  cents,
  according
  to
  LSEG,
  formerly
  known
  as
  Refinitiv
• 
  Revenue: $2.22
  billion
  vs.
  $2.17
  billion
  expected
  by
  analysts,
  according
  to
  LSEG

Revenue
climbed
17%
from
$1.9
billion
in
the
same
quarter
a
year
earlier.
Airbnb

posted
adjusted
earnings
of
$738
million
in
the
fourth
quarter.
Analysts
were
expecting
$645
million,
according
to
StreetAccount.

Airbnb
reported
a
net
loss
of
$349
million,
or
55
cents
a
share,
compared
to
net
income
of
$319
million,
or
48
cents
per
share,

a
year
earlier.
Airbnb
said
its
loss
included
lodging
tax
reserves
and
nonrecurring
tax
withholding
expenses
of
around
$1
billion.

The
company
also
announced
approval
to
buy
back
up
to
$6
billion
of
its
Class
A
common
stock,
according
to

a
release.

In
its
shareholder
letter,
Airbnb
said
the
company
is
at
an
“inflection
point”
after
spending
the
past
three
years
upgrading
and
adding
features
to
its
main
room-sharing
service.
Airbnb
said
it’s
investing
in
more
under-penetrated
markets
abroad
in
2024,
and
that
it
will
share
plans
to
expand
beyond
its
core
business
later
this
year.

Airbnb
said
revenue
in
the
first
quarter
will
be
between
$2.03
billion
and
$2.07
billion,
while
Wall
Street
was
expecting
$2.03
billion,
according
to
LSEG.
The
company
said
the
quarter
started
out
strong,
with
more
than
six
million
guests
celebrating
the
new
year
in
an
Airbnb.

Gross
booking
value,
which
Airbnb
uses
to
track
host
earnings,
service
fees,
cleaning
fees
and
taxes,
came
in
at
$15.5
billion
in
the
fourth
quarter.
The
company
reported
98.8
million
nights
and
experiences
booked,
up
12%
from
a
year
ago,
and
above
the
98
million
expected
by
analysts,
according
to
StreetAccount.

Airbnb
said
guest
demand
“remains
strong,”
particularly
for
first-time
users.
The
company
said
that
after
the
“volatility”
affected
the
business
in
October,
when
the
Israel-Hamas
war
broke
out,
its
nights
booked
growth
accelerated
through
the
rest
of
the
period.

Average
daily
rates
increased
3%
from
a
year
ago
to
$157
in
the
fourth
quarter,
and
the
company
ended
2023
with
7.7
million
active
listings,
up
18%
from
a
year
earlier.

Airbnb
said
in
the
investor
letter
that
it
has
seen
“double-digit
supply
growth”
in
active
listings
across
every
region,
while
the
Asia-Pacific
and
Latin
America
regions
grew
the
most.

Airbnb
will
hold
its
quarterly
call
with
investors
at
4:30
p.m.
ET.