Airbnb said it had the most profitable third quarter as the website benefited from a global recovery in travel during the summer in the northern hemisphere.
The company posted adjusted profit of $1.61 billion in the quarter that ended in September, from $1.21 billion a year earlier, according to a statement released Wednesday after markets closed. Revenue rose to $3.4 billion from $2.88 billion.
Airbnb highlighted the international business, which fully recovery to pre-pandemic levels in the Asia-Pacific region.
“We’re investing in under-penetrated international markets and seeing great results”, the company said. “Following the success we’ve seen in recent quarters in Germany and Brazil, Korea has now become one of our fastest growing countries compared to 2019.”.
For the fourth-quarter, Airbnb forecasts revenue of $2.13 billion to $2.17 billion, which represents annual growth of 12% to 14%. The forecast is below average analysts’ estimate of $2.18 billion, Reuters reported, citing LSEG data.
“We are seeing greater volatility early in Q4, and are closely monitoring macroeconomic trends and geopolitical conflicts that may impact travel demand,” Airbnb said.