San Francisco, United States

Airbnb on Tuesday (August 2) said that as individuals overcame their pandemic fears and participated in a record-breaking travel season, the revenue for the quarter that just ended exceeded $2 billion. It is hailed as the most successful second quarter ever. The company reported a net income of $379 million. The San Francisco-based company stated that it will repurchase the shares for $2 billion. As per a letter to the investors, the company stated that during the peak of the pandemic, the firm tried to reduce its spending and said that whatever the future holds, Airbnb is well positioned, AFP reported.

Advertisment

Despite inflation and other economic problems, Airbnb stated that more than 103 million nights and travel experiences were booked during the quarter, hitting a new high. The billion-dollar revenue generated during the quarter has increased 58 per cent in compared to last year’s.

Also read | Not more parties! Airbnb bans events permanently at rented properties

The firm, in its letter, stated, "We are in the midst of our strongest peak travel season yet." It further said that the best single day of revenue the company had was on July 4.

Advertisment

The firm in the upcoming quarter anticipates generating between $2.77 billion and $2.88 billion in revenue, breaking previous records.

Also read | Home rental service Airbnb is going to shut down its business in China from July 30

According to the business earnings report, the firm stopped arranging stays in China in July and has since concentrated on assisting Chinese citizens with travel outside the country. According to Airbnb, the firm stated that this decision was made because of the operational challenges faced by it in China, which got worse due to severe Covid lockdowns.

Advertisment

The company stated, "We continue to expect Asia-Pacific, including outbound travel from China, to represent a significant growth opportunity for Airbnb over the long term," AFP reported.

(With inputs from agencies)

WATCH WION LIVE HERE

You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here.