Airbnb reaps rewards of domestic travel boom with record sales
November 04, 2021 at 05:21 pm EDT
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Airbnb snagged record sales and earnings in its third quarter, beating analyst forecasts and signalling the domestic holiday boom seen in several countries amid pandemic restrictions.
Revenue surged 67 per cent to $2.2bn, climbing past analyst estimates of $2.07bn, according to Bloomberg.
The holiday rental platform secured $834m in net income in the period, soaring well past Wall Street expectations of $456.2m.
CEO Brian Chesky said that he suspects that the current travel trends are here to stay, as people “can now work from anywhere, travel any time and stay longer”.
“For those who can work remotely, we believe that flexibility will be the most important benefit after compensation.”
The company said it expects its final quarter revenue to be somewhere in the realms of $1.39bn and $1.48bn – with analysts eyeing up a figure of $1.43bn.
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Airbnb, Inc. specializes in the holding and operation of an online platform dedicated to short period housing rental. Through the platform, individuals and accommodation operators can offer houses, apartments, guest rooms, villas, etc. for rent and thus find tenants.
North America accounts for 53.4% of net sales.