Airbnb reported net income of $1.2 billion, or $1.79 a share, compared with $834 million, or $1.22 a share, in the year-ago quarter. Despite a big and profitable quarter, $ABNB shares fell more than 7% after hours:
Airbnb Inc. on Tuesday reported its “biggest and most profitable quarter ever” and beat Wall Street’s profit and revenue expectations, but shares sank after hours.
The company saw an increase in nights and experiences booked across all regions as cross-border travel rose, along with a return to urban travel. In the Asia Pacific region, where the recovery had lagged that of other areas, that number surged 65% year over year as coronavirus pandemic restrictions eased.
Third-quarter gross bookings rose to $15.6 billion, up 31% year over year and beating analysts’ expectation of $15.37 billion. Nights and experiences booked climbed to 99.7 million, up 25% year over year, but shy of the 100.68 million expected by analysts. The average daily rate was $156, compared with the $153.20 that analysts expected.
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