Airbnb's first quarter results showed an increase in listings and booked nights.
Executives on the conference call also said demand for international travel remains strong and the company is looking ahead to a “record-breaking” summer season with sporting events such as the Olympics.
But the steady growth that management expected for the current quarter did not impress investors, at least after the bell on Wednesday (May 8), sending the stock down 8% in post-market trading.
CEO Brian Chesky said on a conference call that 133 million night reservations marked the company's best first quarter in history.
Revenue was $2.1 billion, up 18% year over year (YoY).
Overall active listings for lodging properties increased by 17% year over year. Average daily room rate increased 3% to $173 in the first quarter, with room reservations increasing 9.5% year-over-year to 132.6 million nights and total booking value of $22.9 billion. Room bookings in Asia Pacific increased by 21%, and bookings in Latin America increased by 19%.
Mobile momentum
Chesky said the total number of nights booked in the company's expansion markets grew twice as fast as that seen in the company's core markets.
He noted that mobile app downloads are accelerating, noting that app downloads in the U.S. were up 60% in the first quarter compared to a year ago. The number of nights booked via mobile was 54% of the total, up from 49% last year.
“Urban and non-urban supply grew at about the same rate, we saw relatively similar supply growth among private residences and professionals, and the majority of new listings were Airbnb-only,” Chesky said. Stated.
stable growth
Management's guidance for the current quarter suggests growth of 8% to 10%, with a corresponding revenue range of between $2.68 billion and $2.74 billion. Analysts had expected sales of $2.74 billion.
“YoY revenue growth in the second quarter of 2024 is expected to be lower primarily due to the timing of the Easter holiday, the inclusion of a leap day in the first quarter of 2024, and the impact of exchange rate changes,” management said in the earnings release. “We will face significant headwinds.” ” Booked night growth is expected to be a “steady” rate of increase compared to the just-ended quarter, according to the release.
Later in the call, Chief Financial Officer Ellie Mertz said of the current quarter, “Obviously we want to have higher growth and more stable growth, but…our outlook is clearly not as good as we've seen today. “This reflects the current trend,” he said.
