Airbnb said travel demand held up in its latest quarter despite warning of the potential impact from geopolitical conflicts.
The company on Tuesday reported better-than-expected revenue in its fourth-quarter. Demand for its short-term rentals accelerated in recent months after experiencing volatility in October.
San Francisco-based Airbnb warned in November that macroeconomic trends and geopolitical conflicts, such as the war in Gaza, may dent travel demand. The company said it expected growth in nights-booked to moderate.
Still, growth in the period came in ahead of analysts’ estimates. Nights and experiences booked increased 12% to 98.8 million in Airbnb’s fourth quarter, surpassing the 98 million expected by Wall Street.
Here’s how Airbnb did in the quarter:
-- Revenue increased 17% to $2.22 billion, surpassing the company's guidance
and the $2.17 billion forecast by analysts.
-- Gross bookings value was up 15% to $15.5 billion, ahead of Wall Street's
expectations.
-- Airbnb reported a loss of $349 million, or 55 cents a share, in the three
months ended Dec. 31, compared with a profit of $319 million, or 48 cents
a share.
-- The latest quarterly results included a charge of about $1 billion
related to tax withholding expenses and lodging tax reserves. Excluding
that and other adjustments, the company said net income was $489 million.
-- Revenue is expected to be $2.03 billion to $2.07 billion in the first
quarter, representing an increase of 12% to 14% from a year earlier.
-- Airbnb's board authorized a $6 billion share buyback program.