Airbnb gave a disappointing outlook for the fourth quarter, citing “greater volatility” in the economic environment that it expects will slow demand for travel after a record summer season.
After benefiting from long-term, domestic stays in rural areas during the pandemic, more guests have returned to cities, Airbnb said, with high-density urban nights booked rising 15% in the third quarter from a year ago. International travel is also back, with cross-border nights booked increasing 17%. The Asia Pacific business has fully recovered to pre-pandemic levels.
Net income in the third quarter was $4.37 billion, including a one-time tax benefit on certain deferred assets. Excluding the benefit, adjusted net income was $1.6 billion. ADVERTISEMENT CONTINUE READING BELOW Brian Chesky, co-founder and chief executive officer of Airbnb Inc.