Air&b Sees Jump in Demand as Travel Rebounds in North America

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May 3. Airbnb Inc. gave a forecast for revenue in the current quarter that easily surpassed Wall Street’s estimates as the company sees “substantial demand” for travel heading into the busy summer season after more than two years of Covid-19 restrictions.

Second-quarter revenue will be $2.03 billion to $2.13 billion. That topped the average analyst’s estimate of $1.97 billion, according to data compiled by Bloomberg. Revenue in the first three months of the year was also better than expected, helping significantly narrow the net loss at the vacation home rental platform. The shares jumped in extended trading.

Airbnb, along with its rivals Expedia Group Inc. and Booking Holdings Inc., have said they expect this summer to be one of the best the industry has ever seen, as travelers unleash pent-up demand and head to far-flung destinations and tourist hot spots. That vision was threatened earlier this year with the resurgent omicron Covid-19 variant and the break out of war in Ukraine, yet industry executives have remained unfailingly optimistic.

There are positive signs that people are itching to travel. For example, United Airlines Holdings Inc. is boosting capacity for transatlantic flights and Southwest Airlines Co. said it expects to be profitable for the remaining three quarters of the year, even with oil prices well over $100 a barrel.

Source: Aljazeera

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118700cookie-checkAir&b Sees Jump in Demand as Travel Rebounds in North America