As consumers begin to travel again, Airbnb reported its first annual profit in the company’s history.
- In 2022, the online rental company reported $8.4 billion in revenue with a net income of $1.9 billion, marking the company’s first profitable year.
- Airbnb reported customer interest increased as more people were willing to travel in 2022 than in the previous two years.
- At the end of 2022, the company had 6.6 million active listings globally—a 900,000 increase from the beginning of that year.
- During the last quarter of 2022, Airbnb reported its highest number of active bookers.
- Last year, Airbnb reported a $352 million loss.
Why it’s news
During the COVID-19 pandemic and ensuing shutdowns, travel decreased significantly. The industry has steadily grown as travelers are willing to venture out again. Increased interest in Airbnb rentals is a sign that customers are traveling both locally and internationally.
More renters are a good sign for property owners who partner with Airbnb. A growing number of available listings could be linked to property owners hoping to offset growing costs. In a letter to shareholders, Airbnb attributed the rapid growth in listings to changes that make hosting easier and a growing number of hosts looking to earn additional income during economic uncertainty.
Despite economic worries, guests continue to flock to Airbnb. Bookings under the category Nights and Experiences grew 20% in the last quarter of 2022. The company also reported that more guests are returning to previously visited cities and crossing borders to reach their destinations. Guests are also booking longer stays at Airbnb locations.