Airbnb (NASDAQ:ABNB) put up its first annual profit as travel picked up in the fourth quarter of 2022, according to its financial results posted on Tuesday.
In a release, the travel firm said it saw its first full GAAP profitable year on the back of its most profitable 4Q ever, with $319 million in net income for the three-month period ending in December 2022.
That propelled the firm to see $1.9 billion in profit in the 2022 financial year versus a loss of $352 million in 2021.
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Airbnb (NASDAQ:ABNB)’s 4Q revenue of $1.9 billion increased 24% from 4Q 2021, which the company said demonstrated “continued strong travel demand.” Analysts had expected Airbnb (NASDAQ:ABNB) to report 4Q revenue of $1.86 billion, up 21.4% year-over-year.
On an earnings per share basis, the firm beat Street expectations with $0.46 versus $0.33 expected.
Double-digit margin expansion
Meanwhile, revenue for the full 2022 year came in at $8.4 billion, a 40% jump year-over-year.
Both periods reported delivered double-digit year-over-year margin expansion, the company noted.
The number of “nights and experiences” booked – a key business metric for Airbnb – increased by 20% YOY to 88.2 million in 4Q for a gross booking value of $13.5 billion, slightly below analyst forecasts of 90.1 million.
Airbnb told investors that it expects revenue of $1.75 billion to $1.82 billion in the first quarter of 2023.
Shares of Airbnb were up over 9% in aftermarket trading in New York at $131.82.
Contact Angela at angela@proactiveinvestors.com
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