Airbnb’s revenue increased as the firm set a record for nights and experiences booked at the start of the year, amid continued concerns about the economy and soaring prices.
The home sharing platform announced on Tuesday that its first three months of the year brought in $1.8 billion in revenue, a 20% rise over the same period last year and the largest first quarter revenue in the company’s history, demonstrating the sustained demand for travel.
The average daily prices remained steady, and despite the unstable economy, the number of nights and experiences booked through the app increased and peaked at almost 120 million. Compared to the same time last year, that is a 19% increase.
The firm posted a net income of $117 million, a major improvement above the net loss of $19 million in the same three-month period last year. Additionally, Airbnb had its largest cash flow to date of $1.6 billion, a crucial indicator of profitability.
As consumers continue to prioritize travel, Airbnb is now twice as big as it was in the pre-pandemic era in terms of gross booking value and income.
In its report, Airbnb said that despite ongoing macroeconomic worries, the company had seen its largest level of active bookers, a sign of both the devotion of its repeat customers and the growth of its first-time customer base.
The business made a renewed push for Airbnb Rooms, which is being marketed as a less expensive alternative to complete houses or hotel rooms, only one week before to the results announcement, in an effort to draw in more tourists.
A rise in supply and persistent demand for travel were only two themes that Airbnb cited as contributing to its success throughout the quarter. According to the statistics, consumer