Airbnb achieved record revenue of $1.8 billion in the first three months of the year as more than 120 million nights and experiences were booked.
The home rental giant achieved a first quarter profit for the first time with net income of $117 million on the back of a 20% year-on-year rise in revenue.
Nights and experiences booked in the period rose by 19%, with 18% of stays being 28 nights or longer and active listings up by 18% .
“Even with continued macroeconomic uncertainties, we have seen our highest number of active bookers, demonstrating both loyalty from our returning guests and a growing base of first-time bookers,” the company said. “Our current backlog of nights is approximately 25% stronger than a year ago.
More: Airbnb goes back to roots by promoting affordable home stays
“We are now twice the size we were before the pandemic on both a GBV [gross booking value] and revenue basis, and with considerably higher profitability and cash flow,” the company said.
Continued recovery of Asia-Pacific following the lifting of Covid travel restrictions saw the number of nights booked in the region rise by 40% year-on-year. International travel from other regions to Asia-Pacific was up by 160%.
The firm plans to raise awareness about hosting guests in homes, saying: “Travelling on Airbnb is mainstream. We want hosting to be just as popular. Two achieve this, yea re raising awareness around hosting, making it easier to get started and providing even better tools for hosts.”
Addressing the cost of living crisis, the firm referred to last week’s creation of Airbnb Rooms as “an all-new take” on its original concept.
“In today’s economic environment it’s more important than ever to provide affordable stays for guests,” the company added.
More products and services are planned from 2024 together with expansion from the 220 countries and regions where it is currently represented, with Airbnb conceding that it is still “under penetrated” in many markets.
Co-founder and chief executive Brian Chesky said: “We had another record-setting Q1, with more than 120 nights and experiences booked and accelerating supply growth around the world.
“We also saw 20% year-over-year revenue growth and free cash flow for the quarter was $1.6 billion. And we over 50 new features and upgrades released last week, our service has never been better.”
More: Airbnb goes back to roots by promoting affordable home stays