Benzinga - Online marketplace company Airbnb Inc (NASDAQ: ABNB) reported first-quarter financial results after the market close Tuesday. Here are the key highlights.
What Happened: Airbnb reported first-quarter revenue of $1.8 billion, which was up 20% year-over-year. The revenue total beat a Street consensus estimate of $1.6 billion, according to data from Benzinga Pro.
The company reported earnings per share of 18 cents in the first quarter, beating a Street estimate of 7 cents. Airbnb posted its first profitable first quarter Tuesday.
Gross booking value was $20.4 billion in the first quarter, up 19% year-over-year.
The company reported nights and experiences booked in the first quarter totaled 121.1 million, up 19% year-over-year and a record high.
Airbnb said more guests are traveling and utilizing Airbnb than ever before.
“Even with continued macroeconomic uncertainties, we have seen our highest number of active bookers, demonstrating both loyalty from our returning guests and a growing base of first-time bookers,” the company said.
Revenue in the U.S. region was up 13% year-over-year in the first quarter and made up 48% of the total revenue. The company highlighted Latin America as the fastest growing region for nights and experiences growth and the Asia Pacific region as having the most significant year-over-year growth for nights and experiences.
The company ended the first quarter with operations in 220 countries and regions. Brazil and Germany have been two of the company’s fastest growth regions.
Airbnb saw 45% of its gross nights booked in the first quarter coming from stays that were at least seven nights.
The company ended the first quarter with $10.6 billion in cash. In the first quarter, $500 million in company stock was repurchased.
Related Link: Trading Strategies For Airbnb Stock After Q1 Earnings
What’s Next: The company highlighted the introduction of over 50 new features as part of its 2023 Summer Release that rolled out last week.
“We have some big ideas for where to take Airbnb next. This year, we’re building the foundation for new products and services that we plan to launch in 2024 and beyond,” the company said.
For the second quarter, the company is guiding for revenue of $2.35 billion to $2.45 billion, which would be up 12% to 16% year-over-year.
The company sees the second quarter as having unfavorable year-over-year comparisons for nights and experiences booked due to the overlap of pent-up demand in the second quarter of 2022 after the COVID omicron variant.
Growth in nights and experiences in the second quarter is expected to be lower than revenue growth in the second quarter, Airbnb said.
The company announced a new share buyback program of up to $2.5 billion on Tuesday.
ABNB Price Action: Airbnb shares are down 10% to $114.25 in after-hours trading Tuesday.
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Photo courtesy of Airbnb.
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