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Airbnb Inc was nearly unchanged at $141.0 after the online short-term stay booking platform reported revenues and booking rose at a slower-than-expected pace in the quarter.

Second quarter revenue increased 18% to $2.5 billion from $2.1 billion and net income soared 72% to $650 million from $379 million and diluted earnings per share advanced to 98 cents from 56 cents a year ago.

The company reported the most profitable second quarter on GAAP basis.

The company generated $909 million of operating cash flow and operating cash flow jumped 13% from a year ago and 644% from four years ago to $900 million.

Gross booking value rose 13% from a year ago to $19.1 billion and nights and experiences booked increased 11% driven by growth in all regions to 115.1 million.

Active listings increased 19% to 7 million, and the booking platform added record net active listings in any quarter, and active listings have accelerated in every quarter in the last ten quarters.

Average daily rate declined 1% from a year ago in North America but rose 8% in the Europe, Middle East and Africa but overall daily rate increased 1% to $166.

In the second quarter, guests traveling more than 3,000 miles increased 20% compared to a year ago and cross-border represented 45% of total gross nights booked, up from 43% in the second quarter of 2022, but still below 50% in the corresponding period in 2019.

The company forecasted third quarter revenue between $3.3 billion and $3.4 billion and estimated upward pressure in average daily room rate and "a modest sequential increase in the annual growth rate" of nights and experiences booked from the second quarter.

04 Aug, 2023

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