Airbnb said it expects "a travel rebound unlike anything we've seen before" as the home sharing platform reported first-quarter sales that pointed to a strong recovery in the U.S., The Financial Times reported Friday.
Airbnb said its quarterly revenue of $887 million was up 5% on the same period last year as guests paid higher rates for larger and more rural properties. Analysts had estimated $720 million in revenue for the quarter.
Its average daily rate increased by 25% from the previous quarter to $160, indicating an increase in the amount guests are spending for homes and experiences.
The San Francisco "sharing economy" company said travel is showing signs of a strong recovery as countries around the globe emerge from the coronavirus pandemic.
"Travel is starting to return. While conditions are not yet normal, they're improving and we expect a travel recovery unlike anything we've seen before," Agence France-Presse quoted Airbnb as saying in its quarterly update.
According to Dave Stephenson, Airbnb finance chief, cancellation rates are now considerably lower than in 2020 but remain higher than they were in the previous year.
Despite surpassing revenue projections, Airbnb reported a first-quarter net loss of $1.8 billion, significantly more than the $680 million loss analysts had estimated.
The company said a number of one-off costs had been one of the factors for the loss, including costs tied to emergency funding during the pandemic, stock-based payments, and the ending of an office lease in San Francisco, FT said.
Meanwhile, Airbnb said it would hold a "special announcement" on May 24 to launch "the most comprehensive update" to the company's service in 12 years, AFP said.