Airbnb Inc. have released their Q3 earnings report on Thursday. Here are the numbers:
Revenue grew 67% year on year, coming in at $2.24 billion (vs $2.05 billion). Net income surged 280% year on year to $834 million. Airbnb says the acceleration was due to continued strength in North America, EMEA and Latin America. Cost of revenue increased 37% year on year to $312 million due to higher merchant fees.
Booked night stays and experiences came in at 79.7 million, up 29% year on year. This is a slight decrease in the second quarter and misses analyst estimates of 80.8 million.
Earnings per share (diluted) came in at $1.22, representing a bounceback in the travel industry.
In the letter to shareholders, Airbnb Inc reflected on numerous events of the year, including their decision to house 20,000 Afghan refugees who fled their country from the Taliban.
“Our single priority for 2021 has been to prepare for the travel rebound. To do this, we’ve been perfecting our existing product. We’ve made significant improvements to the end-to-end experience of our core service for both Hosts and guests, and we continue to focus on the following areas:
In Q4, Airbnb expects Night Stays and Experiences Booked to increase significantly as travel restrictions continue to be lifted and the global vaccination rollout is under way.
“Looking to 2022, vaccination progress and the recovery of international travel in Q4 2021 will be key themes for growth heading into the new year,” Airbnb said.
Shares of Airbnb Inc. were volatile after the report, and currently trade $0.53 higher (0.3%) at $178.98.