Airbnb Inc on Tuesday forecast current-quarter revenue above market estimates on resilient travel demand and said it would keep a tight lid on costs to protect margins, sending its shares 10% higher in extended trading.
Airbnb logo is seen displayed in this illustration taken, May 3, 2022. REUTERS/Dado Ruvic/Illustration/File Photoon Tuesday forecast current-quarter revenue above market estimates on resilient travel demand and said it would keep a tight lid on costs to protect margins, sending its shares 10% higher in extended trading.
The rental firm said it expects to maintain last year's margin of 35%, the highest since it went public in 2020, despite recession fears that have sparked concerns about consumer spending. It said domestic and short-distance travel continued to be strong, boosting occupancy rates at popular urban destinations, and noted improvement in long-distance and cross-border travel during the reported quarter, helped by a stronger dollar and border reopening.
"We're particularly encouraged by European guests booking their summer travel earlier this year," Airbnb said. The company forecast first-quarter revenue between $1.75 billion and $1.82 billion, higher than analysts' average expectation of $1.69 billion, as per Refinitiv data.
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