Airbnb said revenue topped $2 billion on Tuesday for the recently-ended quarter as people shrugged off pandemic concerns and participated in a banner travel season.
The condo-renting platform reported net income of $379 million in what it claims is the most profitable second quarter in its history.
In a show of confidence in its future, the San Francisco-based company announced it would allocate $2 billion to buy back shares.
“At the height of the pandemic, we made many difficult decisions to reduce our expenses and transform ourselves into a leaner and more focused company,” the company said in a letter to investors.
“Airbnb is well positioned for whatever lies ahead.”
More than 103 million room nights and Airbnb-arranged “travel experiences” were booked during the quarter, hitting a new high despite inflation and other broader economic woes, the company reported.
Revenue of $2.1 billion for the quarter was 58 percent higher than the same period last year.
“We are in the middle of our busiest peak travel season yet,” the Airbnb letter said.
“On July 4th, we recorded our highest single-day sales ever, signaling the strong summer season that lies ahead.”
Airbnb expects to set a new revenue record for the current quarter, earning between $2.78 billion and $2.88 billion.
“We have almost every type of space in almost every location, so we can adapt to any travel changes,” Airbnb said.
“Regardless of the economy, our guests come to Airbnb because they find great value and our hosts can generate additional income.”
The optimism came even though Airbnb shut down its business in China earlier this year as the pandemic lockdowns show no sign of ending there.
Airbnb stopped booking stays, or “visitor experiences,” in China in July and instead focused on helping people there with travel plans outside the country, the company said in a earnings report.
“We made this difficult decision because of the costly and complex challenges of doing business in the country, compounded by the severe Covid lockdowns,” Airbnb said.
“We continue to believe that Asia Pacific, including outbound travel from China, will represent a significant growth opportunity for Airbnb over the long term.”
Airbnb started its business in China six years ago and has booked stays for around 25 million guests there. Bookings in residences in China accounted for just one percent of Airbnb reservations in recent years, the company reported.
Airbnb faced stiff competition in China.
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