Airbnb‘s CEO Brian Chesky had two big travel predictions this year. 1) That we could “expect longer trips after COVID” and 2) that “a record accrual of PTO” would boost end-of-year travel. Was he right about one or both? ๐ค
Airbnb reported its Q3 2021 earnings today, and although it’s too early to say, Chesky’s two predictions are taking form in the company’s earnings.
Airbnb reported that long-term stays are becoming increasingly popular, an early confirmation of Chesky’s first prediction. Stays longer than 28 days were the company’s “fastest-growing category … and accounted for 20% of gross nights booked in Q3 2021.”ย
Q4 may still lie ahead, but Chesky’s second prediction is shaping up nicely. A small decline in booking QoQ might set the stage for a bold Q4. The company raised its revenue outlook (by a lilllll’ bit) to reflect its confidence.
Airbnb reported net incomeย of $834 million, up 280% YoY, on revenue ofย $2.24 billion. That revenue figure was 36% higher than the comparable period in 2019 (and lightyears ahead of this time last year, when COVID battered the travel industry.)ย EPS worked out to $1.22, which had no comparable estimates (that’s a really good thing, in this case.)ย
$ABNB accelerated 3.2% today. You can read the whole report here.