Airbnb posts 2Q profit of $379 million on record bookings

Airbnb said Tuesday that it earned $379 million in the second quarter on record bookings and rising rates, and the short-term rental giant announced a plan to spend up to $2 billion to buy its own stock.

Despite the share-buyback promise, Airbnb’s stock fell 9% in extended trading.

The financial results showed a reversal from losses in the second quarter of both last year and 2019.

Airbnb has benefitted from the increase in travel and the exodus of workers from offices, which frees them to work from just about anywhere they can get internet access.

Bookings in the second quarter were about one-fourth higher than last year and 2019. The San Francisco-based company said customers were making more international bookings. Listings away from major cities rose to nearly 50% compared with the second quarter of 2019, although Airbnb said urban listings grew compared with the previous three months.

Revenue was $2.10 billion, up 58% from a year earlier and 73% from the second quarter of 2019.

Analysts expected revenue of $2.11 billion, according to a FactSet survey.

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