The company's financials exceeded consensus estimates from LSEG as follows:
The company's financials exceeded consensus estimates from LSEG as follows:
Revenue rose 18% from $1.82 billion in the previous year. Airbnb achieved a net income of $264 million or 41 cents per share, a significant increase from $117 million or 18 cents per share year-over-year.
For the upcoming second quarter, Airbnb forecasted revenues between $2.68 billion and $2.74 billion, slightly below the $2.74 billion analysts anticipated per LSEG data.
In a letter to shareholders, Airbnb highlighted strong travel demand ahead of the summer, especially with the Paris Olympics approaching. The company also anticipates faster revenue growth in the third quarter due to a backlog of summer travel.
During the first quarter, notable events like the North American solar eclipse drew significant user engagement, with 500,000 guests booking stays through Airbnb for the event.
The company reported a 62% increase in adjusted EBITDA for the quarter, reaching $424 million, surpassing the expected $326 million by analysts surveyed by StreetAccount.
Airbnb's gross booking value for the quarter was $22.9 billion. Bookings for nights and experiences increased by 9.5% to 132.6 million, slightly above the 132.1 million forecast by analysts.
The growth in bookings was particularly strong in the Asia Pacific and Latin America. The company also noted a 60% year-over-year increase in U.S. app downloads.
Average daily rates rose 3% from the previous year to $173. Airbnb ended the quarter with a record number of active listings, which saw a 15% increase from the previous year.
TechEchelon Staff bylines are produced collectively by the newsroom for short, breaking, and wire-style coverage. Longer-form reporting is published under the responsible reporter's name.
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