Airbnb
The company also exceeded pre-pandemic levels in terms of rooms booked. Airbnb is certainly a stock to watch as it combines elements of a growth stock and a travel company and has many positive flywheels and 'network effects' in place.
Overall, Airbnb shares are 32% off their all-time highs from February 2021 which is much better as the majority of growth stocks are down between 50 and 80%. The stock is also up about 11% from early March and 22% from it's all-time low.
Inside the Numbers
In Q1, Airbnb reported a loss of $0.03 per share which was better than expectations of a loss of $0.29 per share. Revenue also beat at $1.5 billion vs $1.45 billion and was 70% higher than last year. The company did face some omicron headwinds in Q1 and weakness in Eastern Europe due to the war.
The company also recorded a milestone with bookings topping 100 million for the first time. It also issued bullish guidance for Q2 with revenue between $2.03 billion and $2.13 billion, topping analysts average estimate of $1.96 billion. This comes out to about 55% growth from last year's Q2.
Another positive is that travelers are willing to make bookings trips longer in advance which signals confidence in the outlook. Currently, there are 30% more bookings for summer travel than in 2019 which signals the company's organic growth and the travel recovery.
Gross booking value was up 67% and topped expectations at $17.2 billion vs $16.5 billion. Average rates increased by 5% to $168. It also continues to see bookings for longer periods as people take advantage of remote work for "working vacations". Bookings of longer than 28 days accounted for 21% of total bookings and remain the fastest-growing category.