The summer tourism boom has inflated the coffers of the American platform Airbnb, but the rest of the year is uncertain.
The company's CEO, Brian Chesky, acknowledged that the summer campaign was a record and that the third quarter has been the "most profitable in the history" of the company.
Here are the figures. The summer effect was exceptional. In the third quarter, the company recorded a net profit of 4,402 million dollars (4,168 million euros), more than triple the profit of the same period of the previous year. Profits, without taking into account an extraordinary tax impact, were 1,600 million dollars (1,515 million euros), which is still 33% more than in the same period last year.
After benefiting from long-term domestic stays in rural areas during the pandemic, cities are back in fashion. City night reservations increased 15% in the third quarter compared to the previous year. International travel also returned strongly, with a 17% increase in cross-border bookings.
The Californian firm ensures that it remains competitive with respect to its rivals. The average price per night for a room listing on Airbnb in September was $120, up 1% from a year earlier, while hotel prices rose 10% to $153, according to the company.
However, short-term forecasts are worrying. With the eurozone economy flirting with recession and rates in the United States slowing consumption and investment, a dark cloud is looming. For the fourth quarter, the horizon would be lower than initially expected, with revenues that would range between 2,130 and 2,170 million. “We are seeing increased volatility early in the fourth quarter,” the company said, adding that it is “closely monitoring macroeconomic trends and geopolitical conflicts that may impact travel demand.”
The post-pandemic travel boom could be losing some steam heading into the holiday season. Another risk comes from the regulatory front: New York and Canada have introduced new restrictions and bans, which could affect the company's business. Shares yesterday fell by mid-afternoon on Wall Street by more than 2%, although so far this year they have accumulated a revaluation of more than 37%.
Brian Cheksy said a few days ago in a controversial interview with Bloomberg that “Airbnb is broken.” The executive is preparing some tools that will soon come into force to improve transparency, introduce greater discounts and reduce the burden of extra tasks on clients.
