EconomyFinancialAirbnb bookings hit record high as travel rebounds

Airbnb bookings hit record high as travel rebounds

Nearly 104 million nights and experiences were booked on the Airbnb platform in the April-June period, a record for the hosting website.

Extended stays continued to be the fastest growing type of travel, a change fueled by the rise of remote work.

But international and urban travel, which had lagged behind, has also picked up.

The company said it was now in the midst of its strongest summer travel peak season yet, assuring investors it was well prepared for whatever may hit the economy.

In fact, a slowdown could help the company, the executives said.

“Airbnb was founded during the recession,” Chief Executive Brian Chesky said on a conference call with analysts to discuss the company’s results.

In the event of another slowdown, he said, “we think a lot of people could go back to hosting, so this is a great opportunity for us.”

Overall, bookings in the April-June period were up 25% from last year to 103.7 million and up 24% from 2019.

The higher prices helped lift the company’s revenue, which rose 58% from last year to $2.1 billion.

Nearly half of the company’s bookings are for a week or more, the company said.

Travel demand remains strongest in North America, where bookings are up 37% compared to 2019.

Growth in Europe, although travel has recovered from the pandemic, is lagging behind, affected by factors such as the weakness of the British pound.

The company, which announced in May that it would pull out of China, said demand remained below pre-pandemic levels in the Asia Pacific region as COVID restrictions keep Chinese tourists at home.

Despite the removal of China listings in July, Airbnb still has more than 6 million active listings on the platform.

Chesky said the company had now achieved “growth and profitability at scale” and said the firm would continue to invest in the business and spend $2 billion buying its own shares, which have fallen this year.

Executives said the buyback program was a sign of their confidence in the company’s future.

The company reported a profit of $379 million, compared with a loss of $68 million last year.

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