Airbnb (ABNB) surged Wednesday after its fourth-quarter earnings report late Tuesday that beat both top and bottom net earnings, as did first-quarter expectations. Airbnb stock jumped for the third day in a row.
The company reported adjusted earnings per share of 8 cents on revenue of $1.53 billion. Analysts expected Airbnb to report adjusted earnings of 4 cents on revenue of $1.45 billion, according to FactSet.
Airbnb stock rose 4.2% to 187.80 during the afternoon trading day stock market today.
Revenue was up 38% from the same period last year. Airbnb forecast first-quarter revenue in the range of $1.41 billion to $1.48 billion. Analysts expected $1.24 billion.
The company said in an announcement Message to shareholders. As a result of remote working, people are spread out in thousands of towns and cities, staying for weeks, months or even entire seasons at a time, the company said.
“Nearly half of our booked nights in the fourth quarter were for stays of a week or more. One out of every five nights booked was for stays of a month or more,” the company continued.
Airbnb stock: Strong pent-up demand
Travel was early and The sectors most affected in the coronavirus pandemic. Staff shortages in airlines and a very high incidence of omicron have discouraged some travel. However, quarantine requirements are generally declining in many countries.
“Despite the ongoing near-term uncertainty, we see evidence of pent-up demand: as of the end of January 2022, we had more than 25% more nights booked for the summer travel season compared to this time in 2019,” the company said.
Expedia (EXPE) Reported fourth quarter results Friday which properly exceeded Wall Street estimates. Expedia’s brands include Hotels.com, Vrbo, Orbitz and Travelocity. Expedia is IBD stock leaderboard.
Another online travel company, Reservation collectibles (BKNG), announces fourth-quarter results after the market closes on February 23.
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