Most profitable quarter ever, at $379 million in net profits.
Four key trends:
⬆️ Guest demand on Airbnb is as high as ever. Even stronger than pre-pandemic levels (24% growth compared to Q2 2019).
⬆️ Guests continue to return to cities and cross borders. And high density for urban areas which enjoy again incredible demand.
⬆️ Guests continue to stay longer on Airbnb: long term stays, defined as more than 28 days, increased by almost 90% from pre-pandemic levels (Q2 2019)
⬆️ The Airbnbflywheel is spinning at full speed. With guests demand fueling the growth of the hosts community.
The most interesting trend?
Non-urban destinations boomed. With 50% growth of non-urban listings compared to pre-pandemic levels.
A few things here to remark on as well:
1️⃣ Travel is back to pre-pandemic levels, but it has been redefined.
Urban cities are huge tourist destinations, but many other longer-term travelers also opt for non-urban locations and longer stays.
2️⃣ Is remote work a driving force?
Maybe, remote work might be the main driving force behind more extended stays, which have become a key component for Airbnb, both from a purely emotional standpoint (Airbnb becoming the primary choice for remote workers and digital nomads?) and from a financial perspective (longer stays makes the financials look way better).
3️⃣ Airbnb went fully remote, embracing its “live anywhere, work anywhere.” I wonder how this also positively affects the company, as many employees live on top of Airbnb.
Just like in Henry Ford’s days, when the five-day workweek became a standard to enhance productivity, but also to have more leisure, thus boosting the car business (people could use their cars to travel, making the auto business much larger than it was).
So Airbnb is boosting the travel industry long-term by incentivizing remote work, from anywhere in the world, on top of Airbnb.
Gennaro is the creator of FourWeekMBA, which reached about four million business people, comprising C-level executives, investors, analysts, product managers, and aspiring digital entrepreneurs in 2022 alone | He is also Director of Sales for a high-tech scaleup in the AI Industry | In 2012, Gennaro earned an International MBA with emphasis on Corporate Finance and Business Strategy.
