Airbnb: Bookings smash record high as travel recovers

Airbnb said travel demand remains strong, despite concerns about the economic slowdown and rising prices hitting households, international and city travel, which had lagged, have also recovered.

The company said they are now in the middle of its strongest peak summer travel season yet, and it assured investors that it was well poised for whatever may hit the economy.

A slowdown may help the company, chief executive Brian Chesky said, “Airbnb was founded during the recession,”
in a conference call with analysts to discuss the company’s results.

In the period of another slowdown, he added, “we think a lot of people may turn to host once again, so this is a big opportunity for us”.

Overall, bookings in the April-June period rose 25% from last year to 103.7 million and up 24% from 2019.
Higher prices helped lift the company’s revenue, which surged 58% from last year to $2.1bn.
The company said that nearly half of the company’s reservations are for a week or longer.

Mr Chesky said the company had now achieved “growth and profitability at scale” and said the firm would both continue to invest in the business, and spend $2bn on buying its own shares, which have fallen this year.
Executives said the buyback programme showed their confidence in the company’s future.