Airbnb Notches First Full-Year Profit
Photo Credit: Pictured is a host and guest in Chicago. The comeback of cities is under way. Airbnb said that would be a pressure on the growth for its average daily rates. Airbnb
Skift Take
Cities are indeed coming back, which seemingly counter-intuitively could present an average daily rate challenge for Airbnb. These pressures, though, are manageable.
Airbnb has an answer for all those skeptics who claimed for years that it was a typical Silicon Valley unicorn with a penchant for growth at the expense of black ink — the short-term rental giant in 2022 recorded its first profitable year.
Airbnb said Tuesday that it had its most profitable fourth quarter ever at $319 million. That was part of the company's first profitable full year on a GAAP (generally accepted accounting principles) basis as it generated $1.9 billon of net income. That compared to a net loss of $352 million for full-year 2021.
The company attributed its fourth quarter profit mark to revenue growth and cost discipline. Fourth quarter revenue grew 24 percent year over year to $1.9 billion. Full-year 2022 revenue climbed 40 percent to $8.4 billion.
Challenges to ComeA couple of trends point to positives and challenges for 2023. Airbnb said it is seeing a return to its once-core urban nights (up 22 percent by one measure in the
