Arab Press

بالشعب و للشعب
Saturday, May 31, 2025

Airbnb predicts 'significant' travel rebound

Airbnb predicts 'significant' travel rebound

Online booking platform Airbnb has said it is preparing for a "significant" travel rebound as the world emerges from coronavirus lockdowns.

However the company said it was still "too early" to predict how the business would fare this year.

The company's revenue dropped 30% last year to $3.4bn (£2.4bn), as Covid-19 restrictions kept many from travelling.

That was better than many other travel companies, as people took to their cars for longer stays in private homes.

The firm said it has already seen a smaller decline in travel this year than in the last three months of 2020, when revenue was down 22% year-on-year at $859m. That was better than many analysts had expected,given the resurgence of Covid cases and fresh lockdown restrictions in many areas.

"Travel is coming back and we are laser-focused on preparing for the travel rebound," its chief executive Brian Chesky said.

Mr Chesky said he expected new travel preferences to emerge from the pandemic that will benefit his company.

He said the firm is optimistic that staying in private homes will appeal to people travelling to see family and friends. Remote working patterns will also allow people to take more frequent weekend trips - or even spend several months away from home, he suggested.

"We've seen a number of new use cases," he said. "We don't think we're ever going to go back to travel in 2019. It's going to change and it's going to be different."

However, Airbnb also warned that it still had "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".

"We are not providing an outlook for the rest of 2021 at this time," it said in its first financial update for investors since its public listing in December.

Airbnb, which is active in more than 220 countries, said people around the world are travelling more domestically during the pandemic - but not enough to make up for the loss of business from international tourism.

Airbnb was founded by Nathan Blecharczyk, Brian Chesky and Joe Gebbia when they were in their 20s

Its business in Europe, which is fuelled by cross-border travel, was the hardest hit region in 2020, especially the UK, Germany and Italy. North America was the most stable.

Overall the firm lost $4.6bn last year, including $3.9bn in the last three months of the year, when it was hit with high costs connected with its stock market debut.

A recent survey conducted for the company in the US found that more than half of about 1,000 respondents had already booked or were planning to travel this year.

On a call with analysts, the firm faced some questions about its relationships with hosts, which has been strained this year partly due to financial losses suffered after cancellations.

But Angelo Zino, an equity analyst at CFRA, said he expected revenue to come "roaring back" as vaccines become widely distributed in the US and Europe by the summer, "reflecting the enormous amount of pent-up demand in the ecosystem".

"We believe Airbnb's business model and growth opportunities are highly attractive and struggle to find a better way to play the travel space," he said.

Newsletter

Related Articles

Arab Press
0:00
0:00
Close
Meta and Anduril Collaborate on AI-Driven Military Augmented Reality Systems
EU Central Bank Pushes to Replace US Dollar with Euro as World’s Main Currency
European and Arab Ministers Convene in Madrid to Address Gaza Conflict
Head of Gaza Aid Group Resigns Amid Humanitarian Concerns
U.S. Health Secretary Ends Select COVID-19 Vaccine Recommendations
Trump Warns Putin Is 'Playing with Fire' Amid Escalating Ukraine Conflict
India and Pakistan Engage Trump-Linked Lobbyists to Influence U.S. Policy
U.S. Halts New Student Visa Interviews Amid Enhanced Security Measures
Trump Administration Cancels $100 Million in Federal Contracts with Harvard
SpaceX Starship Test Flight Ends in Failure, Mars Mission Timeline Uncertain
King Charles Affirms Canadian Sovereignty Amid U.S. Statehood Pressure
Iranian Revolutionary Guard Founder Warns Against Trusting Regime in Nuclear Talks
Netanyahu Accuses Starmer of Siding with Hamas
Calls Grow to Resume Syrian Asylum Claims in UK
UAE Offers Free ChatGPT Plus Subscriptions to Citizens
Denmark Increases Retirement Age to 70, Setting a European Precedent
Iranian Director Jafar Panahi Wins Palme d'Or at Cannes
Israeli Airstrike Kills Nine Children of Gaza Doctor
Lebanon Initiates Plan to Disarm Palestinian Factions
Iran and U.S. Make Limited Progress in Nuclear Talks
Trump Administration's Tariff Policies and Dollar Strategy Spark Global Economic Debate
OpenAI Acquires Jony Ive’s Startup for $6.5 Billion to Build a Revolutionary “Third Core Device”
Turkey Weighs Citizens in Public as Erdoğan Launches National Slimming Campaign
UK Suspends Trade Talks with Israel Amid Gaza Offensive
Iran and U.S. Set for Fifth Round of Nuclear Talks Amid Rising Tensions
Russia Expands Military Presence Near Finland Amid Rising Tensions
Indian Scholar Arrested in Crackdown Over Pakistan Conflict Commentary
Israel Eases Gaza Blockade Amid Internal Dispute Over Military Strategy
President Biden’s announcement of advanced prostate cancer sparked public sympathy—but behind closed doors, Democrats are in panic
Mount Lewotobi Laki-Laki Erupts Again, Spewing Ash Cloud over Flores Island
Indian jet shootdown: the all-robot legion behind China’s PL-15E missiles
The Chinese Dragon: The True Winner in the India-Pakistan Clash
Australia's Venomous Creatures Contribute to Life-Saving Antivenom Programme
The Spanish Were Right: Long Working Hours Harm Brain Function
Did Former FBI Director Call for Violence Against Trump? Instagram Post Sparks Uproar
US and UAE Partner to Develop Massive AI Data Center Complex
Apple's $95 Million Siri Settlement: Eligible Users Have Until July 2 to File Claims
US and UAE Reach Preliminary Agreement on Nvidia AI Chip Imports
President Trump and Elon Musk Welcomed by Emir of Qatar Sheikh Tamim with Cybertruck Convoy
Strong Warning Issued: Do Not Use General Chatbots for Medical, Legal, or Educational Guidance
NVIDIA and Saudi Arabia Launch Strategic Partnership to Establish AI Centers
Trump Meets Syrian President Ahmad al-Shara in Historic Encounter
US and Saudi Arabia Sign Landmark Agreements Across Multiple Sectors
Why Saudi Arabia Rolled Out a Purple Carpet for Donald Trump Instead of Red
Elon Musk Joins Trump Meeting in Saudi Arabia
Trump says it would be 'stupid' not to accept gift of Qatari plane
Quantum Computing Threatens Bitcoin Security
Michael Jordan to Serve as Analyst for NBA Games
Senate Democrats Move to Censure Trump Over Qatar Jet Gift
Hamas Releases Last Living US Hostage from Gaza Amid Ongoing Conflict
×