As people overcome their fears of a pandemic and took part in a record-breaking travel season, Airbnb reported on Tuesday, August 2, that the company’s quarterly sales surpassed $2 billion. It has been recognised as the best second quarter ever.
The business recorded $379 million in net income. The San Francisco-based business said that it would pay $2 billion to buy back the shares. AFP said that in a statement to investors, the business claimed that during the height of the pandemic, it made an effort to cut costs and claimed that whatever the future may hold, Airbnb is well positioned.
Despite price increases and other economic issues, Airbnb reported a record-breaking 103 million nights and vacation experiences booked throughout the quarter. In comparison to last year, the billion dollars in revenue earned during the quarter climbed by 58%.
We are in the midst of our strongest peak travel season yet, the company wrote in its letter. It said that July 4 was the company’s best-ever single revenue day.
The company expects to surpass prior milestones in the following quarter, generating between $2.77 billion and $2.88 billion in revenue.
The company stopped organising stays in China in July, according to the corporate profits report, and has since focused on helping Chinese nationals travel outside of the country. According to Airbnb, the firm stated that this decision was made because of the operational challenges faced by it in China, which got worse due to severe Covid lockdowns.
The company stated, ‘We continue to expect Asia-Pacific, including outbound travel from China, to represent a significant growth opportunity for Airbnb over the long term,’ AFP reported.
Post Your Comments