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Airbnb (ABNB) shares jump 13% on record Q3 profit and revenue
Airbnb (ABNB) posted its best ever revenue and profit in Q3 in a performance that saw the holiday rental company’s shares climb 13% on Friday.
Holiday rental company Airbnb (ABNB) closed 13% higher on Friday after surprising investors with a 280% spike in Q3 profits following a sharp rise in bookings.
Airbnb, like many companies operating in the travel industry, was hit hard by COVID-19 last year, but it has bounced back impressively, with the latest quarter showing record earnings and revenue.
The San Francisco-based business posted $1.22 earnings per share and $2.24bn revenue in Q3, the latter easily topping the $2.05bn Wall Street consensus.
Bookings jumped 29% from a year ago, though they were slightly lower than Q2 at 79.7 million, with that figure falling short of the 80.8 million forecasts.
Revenue was up 67% though, and net income almost tripled to $834m compared to Q3 2020, when significant travel restrictions were still in place during the pandemic.
Looking ahead to Q4, Airbnb is now guiding for revenue of $1.39bn to $1.48bn, which tallies almost exactly with what analysts were expecting.
It also sees a substantial rise in the number of bookings compared to Q4, ahead of further potential growth in the medium term.
In a statement, Airbnb noted: “Looking to 2022, vaccination progress and the recovery of international travel in Q4 2021 will be key themes for growth heading into the new year.”
Current trends bode well for Airbnb, and investors were willing to buy into the stock on Friday, as ABNB shares traded in positive territory and eventually finished 12.98% up at $201.62.
Other companies making gains during the final session of the week included Canada Goose (GOOS), the premium clothing company, which surged 19.4% after posting a profit and raising its outlook for full-year earnings.
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