The online marketplace for lodging and tourism activities reported first-quarter 2021 figures that showed the pandemic’s impact on the business
Airbnb revealed that its revenue increased 5% during the quarter to $886.9 million. The results topped the $714.4 million expected by the market. According to Airbnb, the rapid pace of vaccinations and lifted restrictions led to more travel. At the same time, the company had a loss per share of $1.95.
Airbnb announced that it had 64.4 million nights and experiences booked, up 13% year-over-year, topping the analysts’ expectations of 62.5 million nights and experiences booked.
Airbnb’s net loss tripled as it repaid debt for loans taken during the early stage of the pandemic, and it continued to pay restructuring fees following layoffs.
In a letter addressed to shareholders, Airbnb stated the following: “We expect revenue in Q2 2021 to be significantly higher than that of Q2 2020, given the impact of Covid- 19 on the prior-year period, and to be at a similar level to that of Q2 2019. […] In Q2 2021, we expect the positive momentum of recovery experienced in Q1 2021 to be partially offset by the continued uncertainty of travel restrictions and lockdowns in EMEA.”
Source: cnbc.com, Nasdaq.com