Airbnb, the online marketplace for short-term rentals and accommodations, hit net income and revenue all-time highs during the third quarter of 2021.
The company announced $834 million in net income—an increase of 280% year over year—and $2.2 billion in revenue—an increase of 67% from last year.
An increase in vaccination rates and relaxation of travel restrictions helped propel Airbnb towards its strongest quarter ever with bookings increasing by 29% compared to 2020—ultimately helping the company surpass 1 billion in cumulative guest arrivals.
“The pandemic has suddenly untethered tens of millions of people from the need to go into an office,”
said Airbnb’s CEO Brian Chesky.
As more and more companies opt for flexible, hybrid work policies, Airbnb expects the growth in both short-term and long-term rentals to accelerate—allowing anybody to work remotely from any home around the globe.
Despite setting all-time records for revenue and income growth in Q3, Airbnb is forecasting revenue between $1.39-$1.48 billion in the fourth quarter due to travel seasonality. However, the company believes strong demand for travel will extend well into 2022 and beyond.