Airbnb posts much smaller Q1 loss, revenue doubles from 2021

Airbnb is getting a boost from the rebound in travel

Airbnb sharply narrowed its first-quarter loss to $19 million, as the rebound in travel after two years of pandemic caused bookings to jump and revenue to rise 70% from a year ago.

And the lodging-reservations company predicted that revenue in the second quarter will top Wall Street expectations.

Airbnb said Tuesday that there is strong demand for bookings during summer and the year-end holidays. It said international bookings by Americans are running ahead of their pre-pandemic pace.

However, rising prices that have long helped Airbnb may be easing. The company said average daily rates rose only 5% from a year ago because there were more urban rentals with relatively lower prices, and rates in the second quarter will be flat from a year ago.