Airbnb profit soars on pandemic-era lifestyles

Airbnb on Thursday reported record-high profit in the recently ended quarter as bookings surpassed pre-pandemic numbers, with remote work trends boosting the home-sharing platform.

Users spent nearly US$12 billion on overnight stays and associated “experiences” through Airbnb, up significantly from the same period a year ago as well as from the same quarter in 2019 before the pandemic stalled the travel industry.

“Something bigger than a travel rebound is happening,” Airbnb said in a letter to shareholders.

“The world is undergoing a revolution in how we live and work.”

Remote work has freed people to work anywhere, including Airbnb lodgings at desirable destinations, according to the San Francisco-based company.

“This newfound flexibility is bringing about a revolution in how we travel,” Airbnb said in the letter.

“Millions of people can now take more frequent trips, take longer trips, travel to more locations, and even live anywhere on Airbnb.”

Airbnb reported a record-high quarterly profit of US$834 million on unprecedented revenue of US$2.2 billion.

Airbnb said user trends included people booking lodging closer to home and opting for more rural locations over typically popular cities.

Long-term stays have also become more popular, with bookings for 28 consecutive nights or more a fast growing category, according to Airbnb.

“Long-term stays represent a broad set of use cases including extended leisure travel, relocation, temporary housing, student housing, and many others,” the company said in the letter.

Airbnb also reported seeing strong growth in the number of people interested in offering their homes on the platform.