Airbnb (ABNB) has reported better-than-expected financial results for the fourth quarter of 2023 and offered strong forward guidance.
The still unprofitable company that runs an online marketplace for short- and long-term homestays reported a loss per share of $0.55 U.S., which was better than a loss of $0.62 U.S. expected among analysts.
Revenue in the quarter totaled $2.22 billion U.S., topping the $2.17 billion U.S. that was forecast on Wall Street. The company’s sales were up 17% from a year earlier.
Airbnb stressed that its Q4 2023 loss included nonrecurring tax withholding expenses of $1 billion U.S.
The company also announced plans to buyback up to $6 billion U.S. of its Class A common stock.
In terms of guidance, Airbnb said it expects revenue in the current first quarter of 2024 will be $2.03 billion U.S. to $2.07 billion U.S. Analysts were expecting $2.03 billion U.S. in revenue.
Airbnb said it continues to look for growth opportunities and plans to invest in under-penetrated markets overseas this year.
The company said this year started out strong, with more than six million guests celebrating the new year in an Airbnb.
Overall, Airbnb reported 98.8 million nights and experiences booked in the final quarter of 2023, up 12% from a year earlier and above the 98 million expected by analysts.
Average daily rates increased 3% in Q4 from a year ago to $157 U.S., and the company ended 2023 with 7.7 million active listings, up 18% from the previous year.
Airbnb said that the Asia-Pacific and Latin America regions continue to see the most growth for the company.
The stock of Airbnb has risen 25% in the past year to trade at $150.82 U.S. per share.
