Airbnb's Q3 Earnings Show People Have More Flexibility in Travel
In its fiscal third-quarter results reported after the market closed on Nov. 4, Airbnb (NASDAQ:ABNB) revealed just how enthusiastic people are to take a little break from everyday life and travel somewhere. Answer: very enthusiastic! And the worldwide travel facilitator is busier than ever these days helping them.
The start of the coronavirus pandemic significantly reduced people's willingness to leave their homes. Thankfully, several effective vaccines against COVID-19 have been developed and administered. That's making folks feel better about leaving their home and traveling. Still, one of the long-term effects of the pandemic on the travel industry – including Airbnb – appears to be that people have more flexibility on when and where they can take an extended break.Remote work creates more travel options
Airbnb's overall revenue increased by 67% in Q3 from the same quarter last year to reach $2.2 billion. But travel was more restricted in the previous year due to COVID-19. A more informative comparison could be with the same quarter in 2019. Compared to the same quarter two years ago, Airbnb's revenue increased by 36% in Q3. Similarly, Airbnb boosted net income to $834 million in Q3, a 213% increase from the same quarter in 2019. This is an impressive feat, considering the pandemic is not over and travel restrictions are still in the process of being removed.
