Airbnb was one of the major beneficiaries of the shift to remote working and pent-up travel demand.
Record Net Income & Revenue for Airbnb in Q3 2021
In its Q3 2021 earnings call, Airbnb announced that the company generated a record $834M in net income, an increase of +280% y/y, and a record-setting $2.2B in revenue, an increase of +67% y/y. The revenue generated during Q3 2021 also jumped up +36% compared with Q3 2019.
A letter to shareholders stated, “The travel rebound that began earlier this year accelerated in Q3, resulting in Airbnb’s strongest quarter ever. This summer, we reached a major milestone of 1B cumulative guest arrivals as more people got vaccinated and travel restrictions were relaxed.”
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Host Earnings Also Hit New Highs
Airbnb’s letter to shareholders also indicated that hosts of Airbnb affiliated properties soared as well. The shareholders’ letter said, “Host earnings reached a record of $12.8B in the quarter, and active listings continued to grow.”
Average daily rates rose to help compensate hosts for their increased efforts towards making their properties pandemic-safe and guest-trustworthy. Because of those increased daily rates, Airbnb’s gross booking value hit $11.9B, an increase of +48% y/y.
The number of nights and experiences booked with Airbnb hosts increased +29% y/y to 79.7M.
Airbnb Optimistic About Short-Term Rental Model
Airbnb company operatives expressed optimism about its business model for short-term rentals in its Q3 2021 earnings call due to the continued embrace of hybrid work policies around the country..
Airbnb’s CEO Brian Chesky said, “The pandemic has suddenly untethered tens of millions of people from the need to go into the office.”
Airbnb’s shareholder letter also pointed to hybrid working models. It stated, “The world is undergoing a revolution in how we live and work. Technologies like Zoom make it possible to work from home. Airbnb makes it possible to work from any home. This newfound flexibility is bringing about a revolution in how we travel.”
New Features Coming to Airbnb
Airbnb is heavily betting on remote and hybrid working becoming the “new normal” in terms of how we live and work. Airbnb is leveraging this pandemic-inspired flexibility in hybrid/remote working by rolling out verified internet speeds at hosts’ homes and giving guests the option to search for listings up to a year in advance.
Airbnb’s fastest growing category of trip length is now 28 days or more…another indication that businesses are and will continue offering their respective employees increasingly flexible work schedules and policies.
Thanks to Inman and Bloomberg
