November 27, 2022

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Airbnb bets on strong summer travel to drive revenue growth

May 3 (Reuters)Holiday vacation rental firm Airbnb Inc ABNB.O projected 2nd-quarter income above industry estimates on Tuesday, betting on pent-up demand from customers to drive a sturdy summertime travel season after COVID-19 curbs have been eased globally.

The San Francisco-centered business expects revenue between $2.03 billion and $2.13 billion, as opposed with the typical analyst expectation of $1.96 billion, according to Refinitiv info.

The rise of hybrid working has in new months inspired persons to ebook longer and a lot more repeated stays in destinations away from towns, providing a raise to rental vendors.

Airbnb, which made a slew of variations to its services previous year to consider advantage of the post-pandemic journey rebound, mentioned it posted the strongest growth for gross evenings booked in non-urban locations in initially 3 months of 2022.

“In Q1, prolonged-phrase stays of 28 days or much more remained our fastest-expanding category by trip size as opposed to 2019,” the firm mentioned in a assertion.

Gross booked evenings in city places also posted robust expansion and rose previously mentioned pre-pandemic concentrations thanks to the return of international vacation, whilst evenings and encounters bookings – a key metric of the platform’s efficiency – exceeded 100 million for the first time.

That together with a 37% surge in normal day-to-day charges about 2019 levels drove Airbnb’s earnings 70% bigger from a calendar year before.

On the web journey internet sites Expedia Group Inc EXPE.O and Trivago NV TVAGy.F experienced also posted greater quarterly revenues on Monday as demand returned to pre-pandemic degrees.

Airbnb reported a smaller internet reduction of $18.8 million, or 3 cents per share, compared with a decline of $1.17 billion, or $1.95 per share, a yr previously.

(Reporting by Aishwarya Nair in Bengaluru Modifying by Aditya Soni)

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