Online home rental company Airbnb Inc (NASDAQ: ABNB) reported second-quarter financial results after the market close Thursday. Here are the key highlights.
What Happened: Airbnb reported second-quarter revenue of $2.5 billion, which was up 18% year-over-year. The revenue total beat a Street consensus estimate of $2.2 billion, according to data from Zenger News Pro.
The company reported earnings per share of 98 cents, which beat a Street consensus estimate of 71 cents per share.
Gross booking value in the second quarter was $19.1 billion, which was up 13% year-over-year. The company saw 115.1 million nights and experiences booked in the second quarter, which was up 11% year-over-year.
The company said guests are traveling farther, with cross-border nights booked up 16% year-over-year. Guests are also staying longer during their bookings, with nights booked from long-term stays (28 nights or longer) representing 18% of total gross nights booked in the second quarter.
“Throughout the process of creating their listing, it collaborates with hosts and offers them a variety of tools to manage their listings, such as scheduling, merchandising, integrated payments, community support, host protections, and price advice,” said CNBC.
What’s Next: The company is guiding for third-quarter revenue to come in a range of $3.3 billion to $3.4 billion, which would be up 14% to 18% year-over-year, respectively. The estimate from analysts is $3.22 billion, according to data from Zenger News Pro.
The company said it expects nights and experiences booked to increase “modest” on a year-over-year basis in the third quarter.
Airbnb said revenue growth will likely outpace the growth of nights and experiences in the third quarter.
“Airbnb, Inc.’s main business is running a global platform for accommodations and experiences. According to CNBC, the company’s marketplace approach links hosts and guests online or via mobile devices, so they can book accommodations and experiences anywhere in the world,” said CNBC.
ABNB Price Action: Airbnb shares are down 2% to $138.24 in after-hours trading versus a 52-week trading range of $81.92 to $154.95.
Produced in association with Benzinga
Edited by Priscilla Jepchumba and Judy J. Rotich