Airbnb Reports Strong Q1 Financial Results and Announces $2.5 Billion Share Buyback Program

Airbnb Reports Revenue of $1.8B, Gross Booking Value of $20.4B, and First Profitable Q1 with EPS of 18 Cents, Beating Street Estimate of 7 Cents

Buybacks

May 9, 2023

Online marketplace company Airbnb Inc reported its Q1 financial results on Tuesday, with revenue of $1.8 billion, beating a Street consensus estimate of $1.6 billion. Airbnb's gross booking value was $20.4 billion in the first quarter, up 19% year-over-year. Airbnb also reported that it posted its first profitable Q1, with earnings per share of 18 cents, beating a Street estimate of 7 cents.

Record Number of Nights and Experiences Booked

Airbnb reported that the number of nights and experiences booked in the first quarter totaled 121.1 million, up 19% year-over-year and a record high. Airbnb 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.

Airbnb's Strong U.S. Revenue Growth and Expansion

Revenue in the U.S. region was up 13% year-over-year in the first quarter and made up 48% of the total revenue. Airbnb ended the first quarter with operations in 220 countries and regions, with Brazil and Germany being two of the company's fastest growth regions.

New Share Buyback Program

Airbnb announced a new share buyback program of up to $2.5 billion on Tuesday. In the first quarter, $500 million in company stock was already repurchased. This move signals the company's confidence in its financial position and future growth prospects.

Looking Ahead

For the second quarter, Airbnb is guiding for revenue of $2.35 billion to $2.45 billion, up 12% to 16% year-over-year. However, Airbnb sees unfavorable year-over-year comparisons for nights and experiences booked in the second quarter 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.

Members of LevelFields received the alert of this event on May 9, 5:25 PM ET

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