Airbnb (ABNB) reported quarterly results late Thursday that showed a big loss but with better-than-expected revenue. Airbnb stock wavered.
It also reported better-than-expected gross bookings, indicating a rebound in demand for vacation rentals as the impact of Covid-19 eases.
The company reported and adjusted loss of 11.24 a share on revenue of $859 million. Wall Street expected Airbnb to report a loss of $8.40 a share on revenue of $747 million, according to FactSet. Revenue fell 22% from the year-ago period.
Airbnb stock edged up 0.2%, near 182.10, during after-hours trading on the stock market today.
Airbnb Stock: Bookings Beat Expectations
The company’s gross bookings fell 31% to $5.9 billion in the fourth quarter. However, that beat Wall Street expectations of $5.17 billion.
In total, Airbnb reported a loss of $3.89 billion. Airbnb attributed much of the loss to charges related to its initial public offering.
In mid-December, Airbnb held an IPO that raised $3.5 billion and widely exceeded heightened expectations. The popular online marketplace for vacation rentals was the largest IPO of the year.
Airbnb said it was too early to predict overall recovery trends for the travel industry and the impact on its business.
“We have been encouraged by our continued resilience and recovery, and are optimistic about the upcoming travel rebound,” the company said in its earnings report.
“However, we continue to have limited visibility for growth trends in 2021 given the difficulty in determining the pace of vaccine rollouts and the related impact on willingness to travel,” the company went on to say. “We are not providing an outlook for the rest of 2021 at this time.”
Please follow Brian Deagon on Twitter at @IBD_BDeagon for more on tech stocks, analysis and financial markets.
YOU MAY ALSO LIKE: