Airbnb (ABNB) saw $887 million in revenue for the first quarter of 2021, a 5% year-over-year increase. But while the home rental behemoth managed to see growth in overall sales, its net losses totaled $1.2 billion, the company announced during its second report as a public company.
During the period, Airbnb guests booked 64.4 million nights and experiences, representing a year-over-year increase of 13%. Gross booking value increased 52% to $10.3 billion. Four million hosts have listed 5.6 million properties around the world.
Shares were modestly lower following the news.
Here's how the company performed relative to analyst estimates:
Revenue: $887 million vs. $719.8 million expected
Net loss: $1.2 billion vs. $341 million expected
Loss per share: $1.95 vs. $1.10 expected
Gross booking value: $10.3 billion vs. $7.47 billion expected
Q1 included non-recurring expenses including one-time debt repayments, adjustments for warrants, and the forgoing of an unnecessary lease. These results follow a fourth quarter net loss of $3.89 billion, which was attributable to IPO-related expenses.
Unlike its counterparts in the hospitality space, Airbnb isn't as exposed to cross-border travel and hotel bookings. Expedia (EXPE) revenue in the first quarter was down 44%, while Booking.com (BKNG) saw a 50% year-over-year decline.
The uneven global vaccine rollout reflects Airbnb's bright spots and where the recovery has been lagging. Airbnb has seen the most strength in North America, where families and groups have been pursuing domestic, local and rural travel, as well as longer term stays (28 days or more).
Shares of Airbnb are down 6% since going public on December 10. The lock-up period, or the window of time when insiders are not allowed to sell the stock, lifts on May 17.
Melody Hahm is Yahoo Finance’s West Coast correspondent, covering entrepreneurship, technology and culture. Follow her on Twitter @melodyhahm and on LinkedIn.
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