Airbnb ends the year with a profit for the first time
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Short-term rental service Airbnb made $1.9 billion in revenue in 2022 (.pdf). This is the first year in the history of the company that it has made a profit. Airbnb had an annual loss of $352 million a year earlier.
The company notes that the results were positively affected by the growth of international tourism in the fourth quarter. Moreover, the demand for the services of the service remained stable throughout the year and in all regions of the presence of its services, in many cases the rent was long-term (from 28 nights). The number of residential properties offered through Airbnb has also grown over the year – by 900 thousand, and now the service has 6.6 million objects for rent.
Airbnb generated $319 million in profit in the last three months of the year, nearly double what analysts polled expected. The Wall Street Journal, and this is the highest figure for the fourth quarter. The service’s revenue during this period increased by 24% compared to the same period in 2021 and amounted to $1.9 billion, and by the end of 2022 it increased by 40% and reached $8.4 billion. The total cost of bookings increased in 2022 by 35% and amounted to $ 63.2 billion. The number of bookings for the year increased by 31%, to 393.7 million.
Airbnb expects strong demand for its services in 2023, noting that European tourists have started booking their summer vacations earlier. There is growing activity in the tourism market in Latin America, and the strengthening of the Asia-Pacific market continues. The company expects to receive revenue from $1.75 billion to $1.82 billion in the first quarter, which is 16-21% more than a year earlier. The company’s shares on the NASDAQ are up nearly 4%.
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