Airbnb has reported impressive fourth-quarter results, exceeding Wall Street's revenue and profit projections. The company highlights a 12% revenue increase, a significant turnaround from last year's loss, and ambitious plans for continued growth.
Airbnb exceeded Wall Street's revenue and profit expectations in the fourth quarter of 2023, demonstrating continued growth and resilience. The company reported a 12% increase in revenue, reaching $2.22 billion compared to the same period last year. Airbnb also posted a net income of $461 million, or 73 cents per share, a stark contrast to the $349 million loss reported a year ago. \According to a survey of analysts by LSEG, Wall Street had anticipated revenue of $2.3 billion for the quarter.
However, Airbnb's actual results surpassed these projections. The company attributed its strong performance to both Easter and an extra day in February, boosting travel demand during the first quarter. Airbnb also announced an adjusted profit of $765 million for the fourth quarter, representing a 4% year-over-year increase. This figure significantly exceeded the $653.5 million projected by analysts, as reported by StreetAccount. \In a letter to shareholders, Airbnb highlighted its technological advancements and product updates, emphasizing their role in driving higher conversion rates. The company hinted at new offerings scheduled for launch in May, although specific details remain undisclosed. Airbnb expressed confidence in its future prospects, stating, 'Airbnb is a fundamentally stronger company today than it was several years ago.' The company outlined its multi-year strategy focused on refining its core service, accelerating global market expansion, and introducing innovative products. Airbnb reported 111 million nights and experiences booked in the fourth quarter, a 12% increase year-over-year and surpassing the 108.7 million anticipated by StreetAccount. Gross booking value, encompassing host earnings, service fees, cleaning fees, and taxes, reached $17.6 billion in the fourth quarter, exceeding the $17.2 billion projected by analysts. \Airbnb's commitment to social responsibility was evident in its support of Airbnb.org, a non-profit organization that provided shelter for over 19,000 individuals and 2,300 pets in the wake of the recent wildfires in Los Angeles. Airbnb.org pledged 100,000 free nights and received $27 million in donations, including $18 million from Airbnb and its founders. With over five million hosts and eight million active listings globally, Airbnb continues to expand its reach and impact on the travel industry. Average daily rates witnessed a modest 1% increase year-over-year to $158 in the fourth quarter
Technology Airbnb Financial Results Revenue Growth Profitability Travel Industry Technology Updates Global Expansion
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