Airbnb Profit Falls in Q3 Despite Growth in Supply and Demand
Airbnb Profit Falls Amid Growth in Supply and Demand; Company Puts Focus on International Expansion
Airbnb has reported a 17% decline in profits for Q3, despite a 10% increase in travel spending and a rise in bookings. The company’s revenue hit an all-time high, but expenses grew, eating into its profits.
Airbnb Seeks to Expand Overseas
Travelers spent $20.1 billion on Airbnb in Q3, an 8% increase from the same quarter last year. The company earned $3.7 billion in revenue, a 12% rise from the same period in 2023. Airbnb’s Profit Plummets 17% as Expenses Spike
However, after taking its share from travelers and hosts and accounting for expenses, the company pulled in $1.36 billion in profit, a 17% decline from the $1.6 billion profit in Q3 2023. Expenses Rise as Company Seeks to Grow Overseas
The company has been focusing on expanding its international reach, with a new advertising campaign aimed at boosting awareness in Japan and the addition of local payment methods in countries like Vietnam, Denmark, and Poland. Airbnb CEO: “We’re Focused on International Expansion”
The company is also working to make it easier for new hosts to get started, with the launch of its Co-Host Network, allowing hosts to collaborate and share revenue.
Airbnb’s Future Plans
Airbnb’s CEO, Brian Chesky, will share more insights into the company’s performance and future plans during a call with investors and the media later today.