Airbnb reported a strong start to 2024 with revenue up by 18% year-on-year to $2.1 billion as more bookings are made via its mobile app.
The accommodation sharing giant achieved its most profitable first quarter ever with net income up 126% to $264 million as nights and experiences booked grew by 9.5% to 133 million.
The company said: “We were particularly encouraged by the continued growth of app downloads and usage.
“In the US, Airbnb app downloads increased 60% in Q1 compared to the same prior year period.
“Global nights booked through our mobile app increased 21% year-over-year, representing 54% of total nights booked during the quarter – up from 49% in Q1 2023.”
Active accommodation listings grew 15% over the same period last year.
The company said: “We remain focused on making hosting just as popular as travelling on Airbnb.
“To do this, we’re raising awareness around the benefits of hosting, providing better tools for hosts, and helping them deliver higher quality stays.
“We’re committed to keeping quality high as we grow supply, and in Q1, we removed thousands of listings that failed to meet our guests’ expectations.
“Excluding the removal of these listings, active listings excluding experiences grew 17% year-over-year with sustained double-digit supply growth across all regions.
“We’ll continue raising awareness around hosting and improving the overall host experience in the year ahead.”
Nights booked for stays during the Paris Olympic Games are more than five times higher than they were in the French capital the same time a year ago.
Germany is also seeing a similar trend for the European football championship tournament this summer with nearly double the number of nights booked year-on-year.
“We’ve also seen increases in supply to help meet higher demand, including nearly 40% more active listings in Paris in Q1 compared to a year ago,” the firm added.
“These events highlight how Airbnb helps disperse travel and spread economic benefits by allowing people to stay in local neighbourhoods where there are no hotels.”