Airbnb Inc. co-founder and CEO Brian Chesky during a press conference in Los Angeles, California, United States, Wednesday, May 1, 2024.
Eric Thayer | Bloomberg | Getty Images
Airbnb report third quarter earnings On Thursday, its revenue fell short of analysts’ forecasts, although it edged ahead. The stock fell about 3% in after-hours trading.
Here’s what the company does:
- Earnings per share: $2.13 vs. LSEG’s expected $2.14
- income: US$3.73 billion, compared with US$3.72 billion expected by LSEG
Revenue increased 10% from US$3.4 billion in the same period last year. Airbnb reported net income of $1.37 billion, or $2.13 per share, compared with $4.37 billion, or $6.63 per share, a year earlier. The company received $2.8 billion in tax benefits in the third quarter of 2023.
The company expects fourth-quarter revenue to be between $2.39 billion and $2.44 billion. Analysts expected revenue of $2.42 billion in the period, according to LSEG.
Airbnb said in a letter to shareholders that the company is focused on expanding beyond its core markets and entering less-penetrated markets around the world. In the third quarter, the average number of days booked in Airbnb’s expansion markets grew at twice the rate in its core markets, the company said.
“We will continue to focus on accelerating growth while preparing for the next chapter of Airbnb, which will take us beyond accommodations,” Airbnb said. “You will see more of this next year.”
Airbnb said its adjusted EBITDA in the third quarter was US$2 billion, a 7% increase from the same period last year. Analysts polled by StreetAccount expected revenue of $1.86 billion.
Gross booking value, which Airbnb uses to track host revenue, service fees, cleaning fees and taxes, totaled $20.1 billion in the third quarter. That was higher than analysts’ expectations of $19.9 billion, according to StreetAccount. The company reported 123 million booking days and experiences, an 8% increase from the same period last year and higher than StreetAccount’s forecast of 121.4 million.
Airbnb said hosting volume grew in all regions and market types in the third quarter. The company said in its shareholder letter that it has more than 8 million active listings and is committed to improving the quality of its listings. Airbnb has removed more than 300,000 listings since last year, the company said.
The company said average daily charges in the third quarter rose 1% from the same period last year to $164.
The company will hold its quarterly conference call with investors at 4:30 p.m. Eastern Time.
