Airbnb Q1 revenue increased by 18% year-on-year and turned profitable

Airbnb announced on May 8, according to Gelonghui, that its first quarter revenue increased by 18% year-on-year to $2.68 billion, exceeding the market expectation of $2.62 billion. Net profit reached $117 million, reversing a net loss of $19 million in the same period last year. Adjusted earnings per share were $0.45, higher than the market expectation of $0.41. Total gross booking value was $29.2 billion, also above the market expectation of $27.79 billion. The number of nights booked rose by 7% year-on-year to 137 million nights, the average daily rate increased by 10% to $168, and gross margin expanded to 85%.