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Airbnb reported Q1 results that beat analysts’ estimates on both the top and bottom lines. Revenue increased 18% to $2.14 billion from $1.82 billion a year earlier, with Airbnb citing “robust demand for travel” ahead of the peak summer season. The company reported a net income of $264 million, or 41 cents per share, compared to $117 million, or 18 cents per share, in the same period last year.
Revenue in Q2 will come in between $2.68 billion and $2.74 billion, as analysts were expecting $2.74 billion for the period. In its letter to shareholders, Airbnb said it is already experiencing “robust demand for travel” ahead of the peak summer season, particularly around upcoming events like the Olympics in Paris. The company also expects that year-over-year revenue growth for its third quarter will accelerate compared to the second quarter, in part because of its summer travel backlog.
Other special events like the solar eclipse in North America helped drive engagement with Airbnb’s platform during the first quarter. The company said it had 500,000 guests stay on Airbnb during the eclipse, according to its investor letter. Adjusted EBITDA for the first quarter was $424 million, up 62% year over year. Gross booking value, which Airbnb uses to track host earnings, service fees, cleaning fees, and taxes, was $22.9 billion in the first quarter.
The Asia Pacific and Latin American regions saw the greatest growth in the number of nights and experiences booked on Airbnb. The firm is “particularly encouraged” by the rise in app usage and downloads; in the United States, the number of Airbnb app downloads has increased by 60% annually.
In the first quarter, average daily prices rose 3% year over year to $173. At the end of the quarter, there were “highest number of active listings yet,” up 15% from the previous year.
