Airbnb has reported record bookings and signalled a “strong summer season ahead” as travel recovers following the pandemic.
Over 103 million nights and experiences were booked in the April-June period, marking the company’s largest quarterly number ever.
This also represents an increase of 25 per cent compared to last year, and 24 per cent compared to the same period in 2019.
The company has reported its most profitable second quarter, with a profit of US$379 million compared with a loss of US$68 million last year.
Revenue in the April-June period grew by 58 per cent year-on-year to US$2.1 billion.
The second quarter financial results also showed that long-term stays of 28 days or more remain the company’s fastest-growing category, increasing nearly 25 per cent from last year and by almost 90 per cent from the same period in 2019.
Guests are also continuing to return to cities and to travel internationally, with bookings for high-density urban areas and cross-border travel surpassing pre-pandemic levels.
In terms of destinations, North America, EMEA and Latin America have driven the recovery, with bookings in Asia Pacific remaining “depressed compared to Q2 2019”.
Airbnb closed its domestic business in China during the quarter due to the “costly and complex challenges of operating in the country, exacerbated by the severe Covid lockdowns”, with all mainland Chinese listings taken down in July.
The company says its success this quarter is due to its “adaptable” business model. In a press release it states:
“We have nearly every type of space in nearly every location, so however travel changes, we are able to adapt. And regardless of the economic environment, our guests come to Airbnb because they can find great value, and our Hosts can earn extra income.”
It added that it reduced its spending during the pandemic to become a “leaner and more focused company”.
Airbnb co-founder and CEO Brian Chesky said:
“The second quarter of 2022 demonstrates we have achieved growth and profitability at scale. Over the last year, we generated $2.9 billion in free cash flow and our Q2 revenue is up more than 70 percent since Q2-2019. Our strength this quarter is the result of our ability to stay focused and disciplined while continuing to relentlessly innovate.”