Airbnb reports increase in profits as travel rebound persists

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Airbnb on Tuesday reported its highest quarterly profits ever, confirming that the travel industry continues its pandemic recovery in the face of historic inflation.

In the third quarter, the home rental platform saw its net profit climb 46 percent year-over-year to $1.2 billion – a result that would have been even higher without the negative impact of foreign exchange rates, the California-based company said.

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“Guest demand remains strong,” it said, arguing that new revenue growth will stay strong in the long term and trips to non-urban areas “are here to stay as millions of people have newfound flexibility in where they live and work.”

“At the same time, we’ve also seen recovery of urban and cross-border travel, which comprised the vast majority of our business before the pandemic,” Airbnb said.

The company noted that the number of new “hosts” – people listing properties on its site – is also rising.

“Just like during the Great Recession in 2008 when Airbnb started, people are especially interested in earning extra income through hosting,” the company said.

In the third quarter of 2022, Airbnb said it recorded nearly 100 million overnight stays and experience bookings – such as guided tours – 25 percent more than the same period last year.

Its quarterly revenue jumped 29 percent to $2.9 billion, beating market expectations.

Airbnb says it expects its revenue to continue growing in the fourth quarter.

The platform expects revenue of between $1.80 billion and $1.88 billion during the holiday season, a range slightly below what analysts were hoping for.

The company’s stock lost more than 5 percent in after-hours trading.

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