SAN FRANCISCO, United States —
Airbnb on
Tuesday reported its highest quarterly profits ever, confirming that the travel
industry continues its pandemic recovery in the face of historic inflation.
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In the third quarter, the home rental platform saw
its net profit climb 46 percent year-over-year to $1.2 billion — a result that
would have been even higher without the negative impact of foreign exchange
rates, the California-based company said.
“Guest demand remains strong,” it said, arguing that
new revenue growth will stay strong in the long term and trips to non-urban
areas “are here to stay as millions of people have newfound flexibility in
where they live and work.”
“At the same time, we’ve also seen recovery of urban
and cross-border travel, which comprised the vast majority of our business
before the pandemic,” Airbnb said.
The company noted that the number of new “hosts” —
people listing properties on its site — is also rising.
“Just like during the
Great Recession in 2008 when
Airbnb started, people are especially interested in earning extra income
through hosting,” the company said.
In the third quarter of 2022, Airbnb said it
recorded nearly 100 million overnight stays and experience bookings — such as
guided tours — 25 percent more than the same period last year.
Its quarterly revenue jumped 29 percent to $2.9
billion, beating market expectations. Airbnb says it expects its revenue to
continue growing in the fourth quarter.
The platform expects revenue of between $1.80 billion
and $1.88 billion during the winter holiday season, a range slightly below what
analysts were hoping for.
The company’s stock lost more than 5 percent in after-hours
trading.
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