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Airbnb has surpassed the estimation of Wall Street in the first quarter itself, post-pandemic. The revenue surged 70% for the company in the first quarter. Despite the war situation in Ukraine, the pandemic scares and macroeconomic headwinds, the net loss narrowed by $19 million which was earlier recorded at $1.2 billion just a year ago. thursday q1 wednesday q2bursztynskycnbc

Airbnb expects the growth to stay equally strong in the next quarter. The company is expecting the revenue to be between $2.03 and $2.13 billion. Even the lowest end of the range is expected to be 52%.

Airbnb reported 102.1 million nights and experiences booking in the first quarter while the analyst expected the figures to come in at 100.87 million. The gross booking value including track host earnings, service fees, cleaning fees, and taxes, was $17.2 billion. airbnb biden washington dcbursztynskycnbc. The average daily rate was reported to have risen by 5% as compared to last year.

The figures even surpassed the pre-pandemic record. As per reports, travelers are even getting confident in advance booking. Moreover, Airbnb has reported that long-term stays of 28 days or more have seen the fastest growth in the current year as compared to 2019. This accounted for 21% of the total nights booked in the first quarter. This is because the majority of the working population doesn’t have to go to the office five days a week. Even Airbnb has allowed its employees to work from anywhere.

The company has taken a lot of humanitarian efforts in Ukraine, post the tremendous growth. It has offered free and temporary housing to up to 100,000 refugees fleeing the war. This effort was made after people started booking listings in Ukraine even though their intention was not to stay just to support hosts. Airbnb has reported that approximately 600,000 nights were booked in Ukraine in the quarter with a total GBV of about $20 million.