Airbnb, Inc. reported a robust financial performance for the first quarter of 2024, with significant year-on-year growth. The company's revenue increased by 18% to $2.1 billion, driven by a 9.5% rise in Nights and Experiences Booked and a 12% increase in Gross Booking Value (GBV) to $22.9 billion. Net income saw a substantial increase of 126% to $264 million, reflecting strong travel demand and disciplined cost management. Adjusted EBITDA also rose by 62% to $424 million, indicating the company's operational efficiency. Airbnb completed a share repurchase program, buying back 4.7 million shares for $750 million, and announced a new program with $6.0 billion available for future repurchases. The company's cash flow remained strong, with net cash provided by operating activities reaching $1.9 billion, up from $1.6 billion in the previous...Show More

Airbnb, Inc. reported a robust financial performance for the first quarter of 2024, with significant year-on-year growth. The company's revenue increased by 18% to $2.1 billion, driven by a 9.5% rise in Nights and Experiences Booked and a 12% increase in Gross Booking Value (GBV) to $22.9 billion. Net income saw a substantial increase of 126% to $264 million, reflecting strong travel demand and disciplined cost management. Adjusted EBITDA also rose by 62% to $424 million, indicating the company's operational efficiency. Airbnb completed a share repurchase program, buying back 4.7 million shares for $750 million, and announced a new program with $6.0 billion available for future repurchases. The company's cash flow remained strong, with net cash provided by operating activities reaching $1.9 billion, up from $1.6 billion in the previous year. Free Cash Flow also increased to $1.9 billion. Airbnb's business development continued to thrive with growth across all regions, particularly in Asia Pacific and Latin America, as part of its international expansion strategy. Looking ahead, Airbnb anticipates paying additional federal taxes in 2024 due to the Corporate Alternative Minimum Tax (CAMT) but expects tax credits to offset federal tax in subsequent years. The company is actively managing a tax dispute with the IRS, which claims Airbnb owes $1.3 billion in taxes, penalties, and interest related to the valuation of international intellectual property. Airbnb is contesting this adjustment and is prepared to pursue all available remedies, including litigation. The company believes it has adequately reserved for any adjustments that may result from these examinations.