Global bookings at Airbnb soared in the first quarter of 2024, primarily driven by strong demand from regions outside North America, particularly Asia-Pacific and Latin America. This surge in travel activity contributed to an 18% year-over-year increase in revenue, reaching USD 2.14 billion. However, for the upcoming second quarter, the company’s revenue projections fall short of analyst expectations, ranging from USD 2.68 billion to USD 2.74 billion, against an anticipated USD 2.74 billion. This forecast is influenced by factors such as currency fluctuations and the timing of the Easter holiday, which positively impacted Q1 but may affect Q2 bookings.
The number of nights and experiences booked on Airbnb increased by 9.5% year-over-year in Q1, amounting to approximately 133 million. This growth was primarily fueled by the Asia-Pacific and Latin America regions, which saw bookings rise by 21% and 19%, respectively. North America, on the other hand, experienced a slight decline in bookings.
Airbnb surpassed analyst expectations with a net income of USD 264 million, or 41 cents per share, for the quarter ending in March. The average nightly cost of an Airbnb rental increased by 3% year-over-year to USD 173. The company observed a trend towards shorter stays and rentals of entire homes, which contributed to an increase in profit margins.
Despite the challenges in Q2, Airbnb anticipates an acceleration in revenue growth in the summer months, driven in part by increased travel associated with international events such as the Olympics and Euro Cup. The platform also saw a 17% year-over-year growth in active listings, with the most significant contributions coming from Asia and Latin America.
