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• Revenue for Q4 is $1.5 billion, a 78 % increase year over year
• The Gross booking value increases to $11.3 billion
Airbnb Inc (ABNB) exceeded Wall Street profits and revenue projections in the fourth quarter, as the vacation business rebounds during the holiday season.
Here's how the firm reported Q4 compared to Wall Street expectations:
Earnings per share: 8 cents vs. 3 cents predicted
Revenue: $1.53 billion vs. $1.46 billion expected
Revenue for the fourth quarter was $1.5 billion, a 78 % increase year over year. Airbnb recorded a net income of $55 million, its first profit in the fourth quarter.
In the fourth quarter, the gross booking value, which Airbnb uses to monitor host revenues, service fees, cleaning fees, and taxes, was $11.3 billion, slightly higher than Wall Street projections of $11.08 billion.
Domestic and non-urban travel have increased throughout the pandemic, with non-urban gross nights booked up roughly 45 % compared to the fourth quarter of 2019.
The average daily rates increased 20% year on year to $154 in the fourth quarter.
The impact of Omicron on reservations and cancellations was smaller than compared to Delta last summer. The number of gross nights booked in December 2021 increased by more than 40% over the previous year, while the cancellation rate for December vacations was lower than a year before.
"The fourth quarter was another record quarter, and 2021 was the best year in Airbnb's history – despite the global pandemic, "CEO Brian Chesky, said in a statement. "Airbnb's adaptable model and relentless innovation are making it possible for us to grow this new category of travel we created."
According to Airbnb, consumers are already booking summer stays. By the end of January, the firm said that it had over 25% more nights booked for summer travel than at the same time last year.
In 2021, the company's revenue increased by 77 %, exceeding analysts' expectations. Its $352 million loss contrasted to a $4.58 billion loss in 2020.
Picture Credits: BBC