Hostelworld Projects Return to Profit After New Social Networking Feature Slashes Ad Spending

Online travel agent Hostelworld is predicting a return to profit by the end of this year, thanks in part to its app's new social networking feature, which it launched in April. 

The company struggled through the pandemic, which shut down large parts of core market Asia, as backpackers avoided hostel dormitories. In 2021 it reported a loss of $36.7 million in 2021. 

But in a trading update on Oct. 12, it said it was well positioned for "profitable growth" after a