: Airbnb beats on earnings, promises $2 billion in stock repurchases

by | Aug 2, 2022 | Stock Market

Airbnb Inc. said Tuesday that it had its first profitable second quarter as a public company, and that it is so confident in its business that it is buying back $2 billion of its stock. “Our Q2 results demonstrate that Airbnb has achieved growth and profitability at scale,” Chief Executive Brian Chesky said during prepared remarks on the company’s earnings call.

shares fell more than 7% after hours, after rising nearly 5% in the regular session to close at $116.34. They are on a positive streak and have risen 14% in the past five trading days. The lodging-booking company reported second-quarter net income of $379 million, or 56 cents a share, compared with a loss of $68 million, or 11 cents a share, in the year-ago period. Revenue rose to $2.19 billion from $1.34 billion in the year-ago quarter. Analysts surveyed by FactSet had forecast earnings of 45 cents a share on revenue of $2.1 billion. Airbnb said demand for travel is strong almost everywhere. The company’s gross bookings amounted to $17 billion, up 27% year over year and 73% higher compared with the pre-pandemic 2019 quarter. Customers booked 103.7 million nights and experiences, the highest ever and up 24% compared with the 2019 quarter. Gross nights booked for cross-border travel continued to beat pre-pandemic levels, and doubled compared to the year-ago quarter, the company said.  Analysts had expected 106.2 million nights and experiences booked and $17. …

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