Airbnb posts $117 million 1Q profit as revenue grows by 20%
Airbnb has reported a $117 million profit for the first quarter, the first time that the company has made money during the seasonally slowest part of the year
By DAVID KOENIG
Published - May 09, 2023, 04:27 PM ET
Last Updated - Jun 21, 2023, 09:25 PM EDT
Airbnb said Tuesday that it earned $117 million in the first quarter, as rentals and revenue jumped again during an ongoing recovery in travel and a trend of more people working remotely.
It was the first time that the short-term rental giant earned a profit in the first three months of the year, a seasonally slow period for travel.
The San Francisco-based company's profit compared with a loss of $19 million a year earlier and worked out to 18 cents per share.
Revenue climbed 20% to $1.82 billion, beating Wall Street's forecast of $1.79 billion, according to a FactSet survey.
