Travel Rebound: Airbnb real estate stock soars
Airbnb shares posted their biggest one-day gain in trading Wednesday after the home rental service posted its first annual profit and forecast a sunny travel outlook in 2023 and an uptick in listings.
The company reported it earned $1.9 billion in 2022, compared to a $352 million loss a year earlier. The fact that it did report a profit wasn’t the surprise, but the result was better than expected. Fourth quarter earnings of $319 million were far higher than the $184 million forecast by analysts surveyed by Refinitiv.
But it was the forecast from the company about the strength of the travel market that was a major factor driving shares higher. The company said it expects first quarter revenue of between $1.75 billion and $1.82 billion, up from $1.5 billion in the year prior.