Bookings on Airbnb hit a new high in the first quarter of this year, according to the home rental company, signalling that the Covid-19 outbreak has curbed travel demand.
Despite the Omicron outbreak and lingering infections, Airbnb's housing and travel "experiences" bookings surpassed 102 million in the first three months of this year, setting a new quarterly record, according to the firm.
In a letter to shareholders, Airbnb stated, "Guests are booking more than ever before."
"We see strong ongoing pent-up demand in the future," says the company.
Following the release of the earnings statistics, the company's stock price jumped more than 3% to $150.50 in after-market activities.
The corporation reported that revenue in the first quarter was $1.5 billion, up 70% from the same period a year ago, and that its quarterly deficit fell to $19 million from $1.2 billion in the first quarter of 2021.
According to Baird analyst Colin Sebastian, the San Francisco-based company's earnings reflect a continued resurgence in the travel industry and suggest that Airbnb is gaining market share.
"With robust bookings trends for the summer and the remainder of the year, Airbnb outperformed forecasts on practically every line item," Sebastian told investors.
"Looking ahead, the rebound in metropolitan regions, cross-border travel, and (the Asia-Pacific region) should drive significant bookings increase," says the report.
According to the company, individuals are still booking stays outside of cities and remaining close to home, but they are also returning to cities and doing cross-border travels.
The positive results come just a week before Airbnb CEO Brian Chesky is set to announce the company's "largest transformation in a decade" at an event on May 11th.
"We will launch a new Airbnb for a new world of travel," the business said in its earnings letter, adding that "guests will be able to discover millions of unique homes they never thought to search for" thanks to a "totally new approach to search."
The booking platform has gained traction around the world, but it is facing regulatory hurdles in many countries.
The European Union's top court ruled in March that the home rental website must disclose booking data with Brussels-based regional tax agencies.
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