Stock market today: Dow, S&P 500, Nasdaq futures wobble after brutal sell-off, with key jobs report on deck
Airbnb (ABNB) stock jumped after hours after the peer-to-peer home rental company touted strong growth across its business and raised its full-year outlook amid healthy global travel demand.
“Airbnb is back in growth mode,” CEO Brian Chesky said in a release to investors. “It’s rare for a marketplace of our size to reaccelerate growth, but that’s exactly what we’re doing. In Q3, we delivered our fastest revenue growth in more than three years, with acceleration across our business, including our most established markets.”
In the third quarter, Airbnb reported earnings per share of $3.16, surpassing Wall Street analyst estimates of $2.85 per share, according to S&P Global Market Intelligence data. Revenue grew 19% to $4.87 billion, also beating estimates of $4.74 billion.
“In North America, nights booked grew at their fastest pace in four years,” the company said. “We’re also seeing more guests return to Airbnb, and more people try it for the first time.”
The strength of the company’s quarter led it to raise its guidance for the remainder of the year.
In the fourth quarter, Airbnb expects revenue to grow 16%-19% to a range of $3.22 billion to $3.28 billion, exceeding the Street’s midpoint estimate of $3.16 billion.
For the full year, Airbnb forecasts revenue growth in the high teens and adjusted EBITDA margins to increase to approximately 36%.
