Airbnb New Active Listings Accelerated, Frist GAPP Quarterly Profit

Scott Peters
04 Aug, 2023
New York City

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 free 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.