Airbnb Notches $845M Profit For 3rd Quarter
Airbnb said Thursday that it earned $834 million on record revenue in the third quarter as more people got vaccinated and went back to traveling, David Koenig reported for the Associated Press (AP).
Photo Insert: The revenue is attributed to more people getting vaccinated and going back to traveling.
When companies closed offices in response to the COVID-19 pandemic, it freed employees to work remotely using video technology and Airbnb said this resulted in a huge jump in rentals.
The San Francisco-based home-sharing company said in a letter to shareholders that it believes the trend of work flexibility will accelerate. Airbnb noted that major companies including Ford and Amazon have announced policies that will allow for more remote work and it predicted others will do the same.
Those changes in work habits, aided by videoconferencing technology, have helped generate more long stays on Airbnb. The company said stays of 28 days or longer were growing even before the pandemic but have picked up more rapidly in the past year.
Long stays now account for 20% of Airbnb nights booked in the most recent quarter, up from 14% two years ago.
Airbnb said its net income was nearly four times the $219 million that it earned a year earlier and nearly triple the $267 million it reported in the third quarter of 2019.
Revenue rose 67% from a year ago and 36% from the same quarter in 2019, to $2.24 billion. Analysts expected $2.06 billion, according to FactSet.