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• Net loss of the company declined to $19 million from $1.2 billion the same quarter a year ago
Airbnb Inc (NASDAQ: ABNB) posted upbeat quarterly results on Tuesday due to recovery in travel as Covid-19 restrictions lift.
Airbnb’s revenue rose 70% at $1.5 billion in the first quarter from a year earlier despite the ongoing pandemic, the war in Ukraine, and macroeconomic headwinds, the company said.
Net loss of the company declined to $19 million from $1.2 billion the same quarter a year ago.
Shares of the company rose more than 6% in after-hours trading.
Airbnb reported 102.1 million nights and experiences booked in the first quarter, surpassing pre-pandemic levels and topping estimates of 100.87 million, according to StreetAccount.
The company predicts revenue in the current quarter to be between $2.03 billion and $2.13 billion, topping analysts’ average estimate of $1.96 billion.
Last week, Airbnb said it is planning to allow its employees to live and work from anywhere in the world.
Airbnb CEO Brian Chesky said employees can live and work in over 170 countries for up to 90 days a year in each location, adding that the staff compensation won’t change if they decide to move.
Picture Credits: Getty Images
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