Airbnb earned $379 million in the second quarter on record bookings and rising rates, and the short-term rental giant announced plans to spend up to $2 billion to buy its own stock.
The results showed a reversal from losses in the second quarter of both last year and 2019. Airbnb said third-quarter revenue would be between $2.78 billion and $2.88 billion on "slightly higher" average rental prices. Analysts expect $2.77 billion.
Airbnb has benefited from the increase in travel and the exodus of workers from offices during the covid-19 pandemic.
Bookings in the second quarter were about one-fourth higher than last year and 2019, but their gross value of $17.0 billion was slightly below analysts' forecast of more than $17.1 billion, according to FactSet.
Chief Financial Officer Dave Stephenson said the gross value of bookings is still rising sharply compared with 2019 and that Airbnb saw higher numbers of cancellations late in the quarter, which he blamed on airlines canceling flights.
Airbnb said the daily rate paid by renters averaged $164, up 1% from a year ago and 40% from the same period in 2019. The shift in bookings -- from cities to less-populated areas such as beach and mountain destinations, and toward renting an entire house -- has helped drive prices higher.