Skift Take
Airbnb reported record bookings in the first quarter of 2023. In the third quarter, it's reporting record profits.
Airbnb’s recent quarter was its most profitable ever and also the best in terms of revenue, according to a shareholder letter the company released Wednesday.
Airbnb reported net income of $1.6 billion, excluding a one-time income tax benefit, and revenue growth of 18%, to $3.4 billion. Airbnb expects to generate between $2.13 billion and $2.17 billion in revenue in the fourth quarter, which would be an increase of between 12% and 14%.
The company said in the letter to shareholders that it’s seeing greater volatility this quarter, and that current macroeconomic trends and geopolitical conflicts could hurt demand.
“It's hard to completely pin down the root cause of any kind of softness or volatility,” said David Stephenson, chief financial officer of Airbnb, during an earnings call Wednesday.
“We call out the macroeconomic and geopolitical just because that is what’s, I think, driving any volatility that’s out there…It'