Later last week, Airbnb Inc., the online vacation rental market headquartered in San Francisco, California, reported a 52% increase in bookings from the first quarter of fiscal 2021 which ended on April 3 on an annual basis, as an acceleration of the vaccination campaign coupled with an easing of restrictions in the event of a pandemic appear to have prompted more people to book vacations.
Apart from that, Airbnb Inc., the California vacation rental company primarily focused on tourism activities, had exceeded Wall Street’s expectations for gross bookings and revenue for the first quarter of fiscal 2021, while the company also said in its quarterly earnings report expected its second quarter booking to reflect a record similar to 2019 on an annualized basis, adding “For customers aged 60 and over in the United States, who were among the first groups to benefit from the vaccine rollout, searches on our platform for summer travel increased by more than 60% between February and March. 2021.
Airbnb predicts bullish second quarter, stocks skyrocket
Meanwhile, according to Airbnb Inc.’s quarterly earnings report for the first quarter of fiscal 2021 which ended April 3, the company reported gross bookings worth $ 10.29 billion. , about 52% more than in the same period a year earlier. , beating analysts’ estimate of $ 6.93 billion.
In addition, the California vacation rental company’s revenue jumped 5.4% to $ 886.9 million in the last quarter, beating analysts’ estimate of $ 714.4 million, ultimately pushing prices higher. Airbnb shares nearly 4.1% to $ 141.20 on Friday at Wall St.
closing after increasing more than 5.5 percent in pre-market trades. Apart from that, the company’s net loss on an adjusted basis contracted to $ 59 million, from a reading of $ 334 million recorded a year earlier, however, Airbnb had warned that it might be. be too early to predict whether a recent recovery phase would hold deeper into the year.