Airbnb (NASDAQ:ABNB) Inc has reported an 70% increase in 1Q revenues year-over-year as demand for vacation rentals and experiences has increased post-pandemic.
The company reported 1Q revenue of $1.5 billion, compared to $887 million for the same quarter last year, exceeding analyst expectations of $1.45 billion.
The company’s net loss for the three months ending March 31, 2022 came in at $19 million or $0.03 per share, compared to a loss of $1.2 billion or $1.95 per share for the same period in 2021 -- a significant improvement that far exceeded analyst expectations of a loss of $0.29 per share.
READ: Airbnb posts best quarter ever with profits up 280% as travel rebound continues
Airbnb (NASDAQ:ABNB), which was hit hard by pandemic-related travel restrictions, has benefited from the gradual return in demand for vacation rentals and the increasing flexibility of work allowing more consumers taking advantage of remote work opportunities.
In a letter to shareholders, the company said the travel recovery that began in 2021 has accelerated into the first quarter of this year.
“Despite global headwinds in the quarter, nights and experiences booked surpassed pre-pandemic levels and exceeded 100 million for the first time ever, demonstrating strong global demand for travel,” Airbnb (NASDAQ:ABNB) said.
The company added that it expects to deliver 2Q revenue between $2.03 billion and $2.13 billion.
Shares of Airbnb (NASDAQ:ABNB) popped around 4.7% in after hours trading in New York at over $151 per share.
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