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Airbnb’s second-quarter net profit was $379 million, turning losses into profits: bookings hit a record high in a single quarter
On August 3, local time in the United States, Airbnb (Chinese name: Airbnb, NASDAQ: ABNB), which has officially removed all listings in mainland China, released its second quarter and semi-annual reports for 2022. Financial data shows that in the second quarter of 2022, Airbnb’s operating income was US$2.104 billion, a year-on-year increase of 58%; net profit was US$379 million, with a loss of US$68 million in the same period in 2021, turning losses into profits.
Data shows that in the second quarter of 2022, Airbnb’s accommodation (room nights) and experience bookings were 103 million (times), a year-on-year increase of 25% and a 24% increase from the same period in 2019, setting a record high for a single quarter.
Brian Chesky, co-founder and CEO of Airbnb, said: "This quarter, Airbnb delivered massive growth and profitability. Over the past year, we generated a whopping $2.9 billion. free cash flow and achieved revenue growth of more than 70% year-over-year in the second quarter compared to 2019. These strong performances are all due to our insistence on innovation, business focus and spend management."
Airbnb pointed out that in the second quarter of this year, the number of listings in high-density urban destinations increased compared to the previous quarter and again exceeded pre-pandemic levels. At the same time, the bookings of cross-border travel properties not only exceeded the performance of the same period before the epidemic, but also doubled compared with the same period in 2021, showing a strong recovery trend this year. Meanwhile, long-term stays of 28 nights and more were again Airbnb's fastest growing category of accommodation in the second quarter of this year compared to 2019. Demand for long-term accommodation increased by nearly 25% from the same period last year and nearly 90% from the same period in 2019.
Judging from the half-year situation, Airbnb's operating income in the first half of this year was 3.613 billion US dollars, a year-on-year increase of 62.59%; net profit was 360 million US dollars, and a net loss of 1.24 billion US dollars in the same period last year.
It is worth mentioning that Airbnb recorded a cash flow of US$795 million in the second quarter of this year, of which, it generated a total of US$2.9 billion in cash flow in the past 12 months. As of the end of the reporting period, Airbnb's cash and cash equivalents totaled US$15.242 billion.
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