One in five Airbnb stays over 28 days, revenue hits $1.5B for Q1

Airbnb Revenue reached $1.5 billion for the January-March period for the first time in company history.

The US home-sharing and alternative accommodation giant saw its revenue grow 70% year-over-year and 80% compared to the corresponding quarter of 2019 ($839 million), before its IPO in public markets.

The pandemic-battered 2020 and 2021 saw the company hit revenues of $842 million and $887 million respectively in the fiscal first quarter.

Airbnb’s ongoing strategy to attract digital nomads and longer stays to its portfolio of properties continues, revealing that 21% of gross nights booked in Q1 2022 were for stays of 28 days or longer.

This figure is up from 13% in 2019 and slightly down from 24% in 2021. Almost half of all stays booked on the platform are for periods of at least one week.

Overall, some 102.1 million room nights were booked on the platform in the first quarter of 2020, up 57% from 2021 and for a gross booking value of $17.2 billion (up from 67% year over year).

Airbnb says it achieved its first profitable period in the first quarter, with adjusted EBITDA of $229 million (up from losses in 2019 and 2021). Net losses three were $19 million for the months – an improvement from the red mark of $292 million in 2019.

The strong start to the fiscal year was due, in part, to huge demand despite “ongoing concerns related to the pandemic, the war in Ukraine and macroeconomic headwinds,” the company said.

All regions of the world, with the exception of Asia-Pacific, are seeing strong recovery rates for room nights and experiences booked on the platform, with Latin America being the most notable part of the world with a higher level of 65% in the first quarter of 2022 compared to the corresponding quarter in 2019.

Restrictions on cross-border travel in Asia-Pacific (particularly China) prevented a meaningful recovery and bookings remained “depressed”.

The company states: “While we have seen COVID distort historical seasonality patterns in 2020 and to a lesser extent the first half of 2021 due to travel restrictions and changing travel preferences related to pre-pandemic patterns back to seasonality in 2022.”

More soon…