Long-term stays drive Airbnb growth ahead of summer peak

Airbnb exceeded 103 million nights and experiences booked in a record past quarter for the home sharing firm.

Long-term stays of 28 days or more was the fastest-growing category by trip length, increasing by almost 25% year-on-year and nearly doubling from the same period in pre-pandemic 2019.

The US company reported its most profitable second quarter ever with net income up to $379 million, an improvement of almost $700 million on the same three months in 2019.

This came as revenue in the three months to June grew by 58% year-on-year to $2.1 billion.

Airbnb expects to achieve record revenue and profits in the peak summer quarter ending in September following listings growth of 23% to meet customer demand.

Announcing the quarterly results, the company said: “During the height of the pandemic, we made many difficult choices to reduce our spending, making us a leaner and more focused company. 

“We’ve kept this discipline ever since, allowing our hiring and investment plans to remain unchanged since the beginning of the year. Airbnb is well positioned for whatever lies ahead.

“We have nearly every type of space in nearly every location, so however travel changes, we are able to adapt. And regardless of the economic environment, our guests come to Airbnb because they can find great value, and our hosts can earn extra income.”

Co-founder and chief executive Brian Chesky said: “The second quarter of 2022 demonstrates we have achieved growth and profitability at scale.  

“Over the last year, we generated $2.9 billion in free cash flow and our Q2 revenue is up more than 70% since Q2 2019. 

“Our strength this quarter is the result of our ability to stay focused and disciplined while continuing to relentlessly innovate.”

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