Airbnb sees record bookings despite recession fears | CNN Business

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Airbnb on Tuesday reported strong revenue growth and a new record for bookings in the first three months of the year, in a sign that demand for travel remains strong despite lingering recession fears.

The company reported revenue for the quarter grew 20% to $1.8 billion, beating only Wall Street estimates. The company said nights and experiences booked on the platform reached an all-time high of more than 120 million last quarter.

“More guests are traveling on Airbnb than ever before,” CEO Brian Chesky said on a call with analysts on Tuesday. “We saw our highest number of active bookings ever, despite continued macroeconomic uncertainties.”

“During the quarter, we also saw guests book travel further in advance, supporting a strong backlog for the second quarter,” he added. “We were particularly encouraged by the continued recovery in Asia Pacific, with nights booked in the first quarter up more than 40% year-on-year.”

Airbnb also reported net income of about $117 million, compared to a net loss for the same period last year.

“We are now twice the size we were before the pandemic in both a GBV [gross booking value] and revenue base,” the company said in its letter to shareholders on Tuesday.

Despite the upbeat earnings report, Airbnb shares fell as much as 10% in after-hours trading on Tuesday after the company reported a weaker outlook for the current quarter than some analysts had expected .

In its letter to shareholders, Airbnb also said it has moved forward the timing of its marketing spend into the first half of the year to help support the peak summer travel season. The company is also increasing its investment in brand marketing in more countries around the world.