Airbnb says it has seen “substantial demand” for travel going into summer, after more than two years of lower demand
Airbnb Inc. gave a forecast for revenue in the current quarter that easily surpassed Wall Street’s estimates as the company sees “substantial demand” for travel heading into the busy summer season after more than two years of Covid-19 restrictions. Shares gained about 6% in extended trading.
“As we lap the beginning of the travel rebound that started last year, we are particularly encouraged by the compounding growth we are seeing in North America,” Chief Executive Officer Brian Chesky wrote in a letter to shareholders. Airbnb, along with its rivals Expedia Group Inc. and Booking Holdings Inc., have said they expect this summer to be one of the best the industry has ever seen, as travellers unleash pent-up demand and head to far-flung destinations and tourist hot spots.
In Expedia’s earnings report on Monday, which showed an 80% jump in revenue in the first quarter, CEO Peter Kern said he’s “feeling very good about a summer recovery that should be very robust.” The news from Hilton and Expedia weighed on travel stocks on Tuesday, sending Airbnb shares down 5% to close at $145.
The flexibility offered by new remote work policies has resulted in people spreading out to thousands of towns and cities, staying for weeks, months, or even entire seasons at a time, Chesky said.
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