Airbnb's revenue increased 13% from a year earlier, topping estimates.
Here's how the company did based on average analysts' estimates compiled by LSEG:Revenue increased 13% from $2.75 billion during the same period last year. The company reported net income of $642 million, or $1.
03 per share, up from $555 million, or 86 cents per share, a year earlier. In the third quarter, Airbnb expects to report revenue of $4.02 billion to $4.10 billion, or $4.06 billion in the middle of the range. Analysts were expecting $4.05 billion for the period, according to LSEG. In a letter to shareholders, the company said it had a strong second quarter, even against a volatile macroeconomic backdrop. U.S. President"Despite global economic uncertainty early in the quarter, travel demand picked up, and nights booked on Airbnb accelerated from April to July," the company said. Airbnb reported 134.4 million nights and seats booked, up 7% from a year ago and above the 133.35 million expected by StreetAccount. Gross booking value, which Airbnb uses to report host earnings, service fees, cleaning fees and taxes, totaled $23.5 billion in the second quarter. That figure is above the $22.66 billion expected by analysts polled by StreetAccount. Airbnb said it received authorization for a new share repurchase program of up to an additional $6 billion of Class A common stock. The company said it repurchased $1 billion of Class A common stock during the second quarter, and previously had authorization to purchase $1.5 billion more as of June 30. Airbnb shares were down slightly in extended trading. They've slipped 0.7% for the year as of Wednesday's close, while the Nasdaq is up almost 10%.Don’t miss these insights from CNBC PRO
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