Airbnb reports sunny summer as travel rebound continues | Tech US News

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Airbnb reported its highest quarterly profits on Tuesday, confirming that the travel industry is continuing its recovery from the pandemic in the face of historic inflation.

In the third quarter, the home rental platform saw its net profit rise 46 percent year-on-year to $1.2 billion, a result that would have been even higher without the negative impact of exchange rates, the company based in California. .

“Guest demand remains strong,” he said, arguing that new revenue growth will remain strong over the long term and that travel to non-urban areas “is here to stay as millions of people have new flexibility in where they live and they work.”

“At the same time, we’ve also seen a recovery in urban and cross-border travel, which comprised the vast majority of our business before the pandemic,” Airbnb said.

The company noted that the number of new “hosts” — people who list properties on its site — is also increasing.

“Just like during the Great Recession in 2008, when Airbnb started, people are especially interested in earning additional income through hosting,” the company said.

In the third quarter of 2022, Airbnb said it recorded nearly 100 million overnight stays and experience bookings, such as guided tours, up 25 percent from the same period last year.

Its quarterly revenue rose 29 percent to $2.9 billion, beating market expectations.

Airbnb says it expects its revenue to continue growing in the fourth quarter.

The platform expects revenue of $1.8 billion to $1.88 billion during the holiday season, a range slightly below what analysts expected.

The company’s shares lost more than 5 percent in after-hours trading.

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