Airbnb reported third-quarter profit growth and a beat on revenue estimates Thursday, as the company continues its recovery from Covid-19 and travel returns as vaccinations efforts ramp up worldwide. The shares of the company rose 3% after the company reported the revenue.
The company reported earnings per share as $ 1.22. The revenue reported by the company is $2.24 and the analysts estimated it as $2.05 per share. The company reported 79.7 million nights and experiences booked in the third quarter, a slight decrease from the second quarter. That was still up 29% year over year when Covid-19 battered the travel industry.
Analysts had estimated 80.8 million nights and experiences for the quarter. Airbnb also saw its highest-ever revenue and net income in the third quarter, even though urban and cross-border travel have not returned to the pre-pandemic level. Revenue came in at $2.24 billion, up 67% year over year. Net income surged 280% to $834 million on a year-over-year basis.
Airbnb expects revenue between $1.39 billion and $1.48 billion in the fourth quarter, in line with analyst expectations. The travel company added that the travel recovery to varying regionally, and by vaccination rates and travel restrictions. The company added it is positioned for this travel revolution. In North America alone, nights and experiences booked were up 10% from the same quarter in 2019. Average daily rates for the company dropped to $149 from roughly $161 in the last quarter. That is nearly 15% up from last year.