Airbnb reports Q4 loss, reaches 'inflection point'
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The news: Airbnb has recorded a net loss for the fourth quarter and said it has reached an "inflection point", with plans to expand its core business and "reinvent" itself.
The numbers: Airbnb reported a net loss of USD349 million ($541 million) in the fourth quarter of 2023, compared to net income of USD319 million in the previous corresponding period. It attributed the loss to lodging tax reserves and nonrecurring tax withholding expenses of around USD1 billion.
However, quarterly revenue was up 17% to USD1.9 billion driven by growth in nights and experiences booked.
Adjusted EBITDA was up 46% year-on-year to $738 million during the quarter which Airbnb attributed its cost structure and business strength to.
Airbnb also said revenue for the first quarter will be between USD2.03 billion and USD2.07 billion, following a strong start which saw over six million guests celebrating the new year in an Airbnb.
The holiday rental marketplace company reported 98.8 million nights and experiences booked, up 12% from a year ago, saying that guest demand "remains strong". By the year end, Airbnb had 7.7 million active listings, an increase of 18% compared to year earlier.
Airbnb shares fell more than 4% in extended trading on the Nasdaq.
The context: In its results release, Airbnb said the company was at an “inflection point” after spending the past three years upgrading and adding features to its core service. The US company said it aims to unlock more opportunities for growth in 2024 by investing in more under-penetrated markets such as Switzerland, Belgium and the Netherlands.
The source: Airbnb media release
