Airbnb's first quarter revenue rose 18% to $2.14 billion USD, but it warned that revenue for the second quarter would be below investor expectations.
👉 Background: Airbnb started in 2007 with an air mattress in a living room to create a bed and breakfast, and it has since grown to over 5 million hosts and over 1.5 billion guests.
👉 What happened: Airbnb has announced its first quarter revenue, which rose 18% to $2.14 billion USD. But at the same time, it warned that revenue for the second quarter would be below investor expectations. This news sent Airbnb's share price tumbling 8%.
👉 What else: But this share price drop hasn’t got Airbnb too fazed because it’s focusing on getting customers hyped about experiential stays.
💡Sometimes as companies grow, they eventually come back full circle to their initial business offering.
💡Airbnb started as an accomodation business that offered a unique local experience when you stayed in a stranger's house. But over time, it's become more of a utility or hotel replacement.
💡Now, it seems Airbnb’s going back to its roots with unique experiences to please customers. We’re talking 90 quirky experience stays including the Barbie Malibu Dreamhouse. So time will tell whether leaning back into its core will also drive more revenue for Airbnb.
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