Airbnb results beat estimates as company weathers Delta crisis

The companies revenue grew 67 per cent to $2.2 billion in the third quarter, Airbnb said

Airbnb shares surged on Friday after the company reported record sales and earnings, proving the vacation-rental giant’s resilience even as the delta variant of Covid-19 prompted new travel concerns and restrictions.
 

Revenue grew 67 per cent to $2.2 billion in the third quarter, Airbnb said in a statement. 
 

Analysts forecast $2.07 billion, according to data compiled by Bloomberg. Net income of $834 million far exceeded Wall Street’s expectation of $456.2 million. The shares jumped as much as 12 per cent in early trade, the most since February, to $200.52.

CEO Brian Chesky has said the new travel trends born from the Covid era are likely here to stay. “But something bigger than a travel rebound is happening,” he said in a letter to shareholders. People “can now work from anywhere, travel any time, and stay longer.

Uber posts first adjusted profit

Uber reported its first-ever adjusted profit as a public company, boosted by a recovery in ride-hailing and sustained demand in its delivery business. Earnings before interest, tax, depreciation and amortisation was $8 million in the third quarter, Uber said. It recorded a net loss of $2.4 billion in the period that ended in September. A writedown of its stake in China’s Didi, previously reported drove the loss. 

The company offered a conservative forecast for the fourth quarter. Adjusted earnings will be $25 million to $75 million in the period that ends in December, Uber said.