Airbnb profits soars in the third quarter

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Airbnb profits soars in the third quarter
06 Nov 2021
8 min read

News Synopsis

Airbnb recently revealed that it earned a total of $834 million in revenues. This was great for the company as it had been facing a dull season for quite some time. The pandemic had forced people to stay put in their homes which slowed down Airbnb’s business. But things are back on track and with bang. The executives at the company seemed confident that this number will only grow bigger as more people start to travel in the upcoming months. The major reason behind this surge in profits seemed to be traveling at first, but the company cited another reason. Since offices are shut, many people are working remotely. This has increased their business by a large number. More and more people are booking long stays through Airbnb and as a matter of fact long bookings (more than 28 days) now account for around 20% of total Airbnb bookings.

 

The shares of Airbnb also grow by 1% during the after-hours trading after growing by 3% in regular sessions. Analyst says that Airbnb is looking at around $2 billion in revenue this year which would be a bit less than previous year but still is a great figure. It shows the growth of Airbnb that even though the times were tough, their business model didn’t crumble down unlike many other companies. Airbnb has now become the largest home-sharing company in the world and the figure just embodies that.  

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