Airbnb says that as demand for travel increases, customers pay higher prices

Airbnb’s first quarter revenue showed that as restrictions were relaxed and guests paid for it, North American travel business experienced a strong recovery. Higher interest rates For larger and more rural property.

Airbnb’s quarterly revenue was US$887 million, an increase of 5% over the same period last year. Wall Street had previously expected revenue for the quarter to be $721 million.

The number of bookings was 64.4 million, an increase of 13% over the first quarter of last year, while the average daily price was US$160, an increase of 35% over the same period last year.

The total value of bookings (including the total value of all accommodations and experiences) reached 10.3 billion USD, an increase of 52% over the same period in 2020 when the pandemic began to affect travel, and an increase of 3% over 2019. FactSet analysts had expected it to be $7.87 billion.

The company said the growth was due to higher booking prices: more trips included whole families, more whole house bookings, and more non-urban destinations. The company said that since the fourth quarter of 2020, the supply of active listings has been flat, despite the increase in the number of landlords offering non-urban properties.

Despite strong revenues, Airbnb reported a net loss of $1.8 billion in the first quarter, much higher than Wall Street’s expected loss of $680 million.

Airbnb said that one-off costs have resulted in huge deficits, including stock compensation, costs associated with emergency funds obtained during the pandemic, and the termination of office leases in San Francisco.

According to Capital IQ’s consensus data, after deducting these costs and interest, taxes, depreciation and amortization, Airbnb said its adjusted EBITDA was negative $59 million, exceeding analyst expectations.

The company said that in view of the severe impact of the pandemic in the same period last year, bookings this quarter are expected to be significantly higher than in 2020. It said that it expects inflationary prices to continue.

Airbnb said: “With the increase in vaccine supply and the relaxation of some travel restrictions, tourists will be more willing to search and book travel later this year.”

It warned that business outside the United States is unpredictable. In particular, the recovery of Europe depends on the “severity and duration” of continuing travel restrictions.