Airbnb (ABNB) stock jumped after hours after the peer-to-peer home rental company touted strong growth across its business and raised its full-year outlook amid healthy global travel demand.
“Airbnb is back in growth mode,” CEO Brian Chesky said in a statement to investors. “It’s rare for a market of our size to re-accelerate growth, but that’s exactly what we’re doing. In the third quarter, we delivered our fastest revenue growth in more than three years, with acceleration across our businesses, including our most established markets.
In the third quarter, Airbnb reported earnings per share of $3.16, beating Wall Street analysts’ estimates of $2.85 per share, according to data from S&P Global Market Intelligence. Revenue rose 19% to $4.87 billion, also beating estimates of $4.74 billion.
“In North America, room nights booked grew at their fastest rate in four years,” the company said. “We’re also seeing more guests returning to Airbnb and more people trying it for the first time.”
The strong quarter led the company to raise its guidance for the remainder of the year.
In the fourth quarter, Airbnb expects its revenue to rise 16% to 19% to a range of $3.22 billion to $3.28 billion, beating the Street median estimate of $3.16 billion.
For the full year, Airbnb expects revenue to grow in the mid-15% range and adjusted EBITDA margins to increase to around 36%.
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