San Francisco’s Airbnb bookings jump 52% as vaccination spurs vacation rental demand



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San Francisco’s Airbnb bookings jump 52% as vaccination spurs vacation rental demand

Later last week, Airbnb Inc., the San Francisco, California-headquartered online vacation rental marketplace, had reported a 52 per cent jump in bookings over fiscal first quarter of 2021 that ended on April 3 on a year-on-year basis, as an acceleration in vaccination drive coupled with a relaxation in pandemic restrictions appeared to have prompted more people to make vacation bookings.

Apart from that, Airbnb Inc., the Californian vacation rental company mostly focused on tourism activities, had beaten Wall Street expectations for gross bookings and revenues for fiscal first quarter of 2021, while the company had also said on its quarterly earnings’ report that it was expecting its second-quarter booking to mirror a docket similar to 2019 on an annualized basis adding “For guests aged 60 and above in the U.S., who were amongst the first groups to benefit from vaccine rollouts, searches on our platform for summer travel increased by more than 60% between February and March 2021.

Airbnb forecasts upbeat second quarter, shares skyrocket

In tandem, according to Airbnb Inc.’s quarterly earnings’ report for fiscal first quarter of 2021 that ended on April 3, the company had reported gross bookings worth of $10.29 billion, roughly 52 per cent up compared to the same time a year earlier, beating an analysts’ estimate of $6.93 billion.

Besides, the Californian vacation rental company’s revenue surged by 5.4 per cent to $886.9 million in the latest quarter, beating an analysts’ estimate of $714.4 million, eventually lifting Airbnb shares’ prices nearly 4.1 per cent to $141.20 on Friday’s Wall St.

closure after rising more than 5.5 per cent in pre-market trading. Apart from that, the company’s net loss on an adjusted basis contracted to $59 million, compared to a reading of $334 million registered a year earlier, though, Airbnb had warned that it might be too soon to predict whether a recent leg of recovery momentum would sustain deeper into the year.