Airbnb exceeded revenue and profit estimates in the fourth quarter. Thanks to the remote work shift, the company saw an increase in long-stay holidays and short-term rental bookings.
According to their latest report, revenue grew 78% – $1.53 billion in the fourth quarter. As a result of the boom following the remote work shift, the company earned $55 million. Last year, the San Francisco-based company lost $3.9 billion because of travel restrictions. Now, the earnings per share are 8%, and the estimate was 3%.
After the first lockdown, most people avoided traveling to big cities, preferring natural settings. As restrictions and vaccination campaigns are lifting, travelers are back to urban locations. And in the fourth quarter, gross nights booked at urban destinations almost doubled compared to the previous year. Most of these bookings are long-stay. Indeed, people are transforming their working and traveling habits after the remote work shift.
During the Christmas season, most travelers postponed their holidays because of the Omicron variant. However, the impact wasn’t comparable to the boom of cancellation after the Delta variant.
And the company expects revenue to grow from $1.41 billion to $1.48 billion in the first quarter. After the initial shock, the remote work shift opens new opportunities for businesses and travelers alike.