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24x7Report > Blog > Finance > Airbnb loses $349 million on Italian tax dispute but posts revenue gain, sees strong demand ahead
Finance

Airbnb loses $349 million on Italian tax dispute but posts revenue gain, sees strong demand ahead

Last updated: 2024/02/14 at 12:28 AM
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Airbnb loses $349 million on Italian tax dispute but posts revenue gain, sees strong demand ahead
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Airbnb mentioned Tuesday that it misplaced $349 million within the fourth quarter on account of an earnings tax settlement with Italy, however bookings and income rose, and the short-term rental big mentioned demand stays robust.

The corporate forecast first-quarter income that will meet or beat Wall Avenue expectations.

Nonetheless, the tempo of bookings development is more likely to “average” from the fourth quarter into the primary, and the early timing of Easter may harm development within the second quarter, Airbnb mentioned.

CEO Brian Chesky mentioned on a name with analysts that Airbnb is “perfecting” its enterprise — making pricing extra clear, reining in exorbitant cleansing charges, and decreasing cancellations by hosts. Now it plans to transcend its core.

Chesky mentioned the corporate will construct out its rental platform in international locations the place it isn’t as robust as the US. He mentioned that’s already underway in Germany, Brazil and South Korea, and can quickly be tried in Switzerland, Belgium and the Netherlands.

“However this is just one piece of a a lot larger technique as a result of we have now all the time believed that Airbnb was destined to supply greater than only a place to remain,” he mentioned.

Chesky, nonetheless, gave no particulars in regards to the “multiyear journey,” solely promising information late this 12 months. Rivals reminiscent of Vrbo mum or dad Reserving Holdings and Expedia Group additionally generate income from issues like flight and rental-car listings.

The fourth-quarter loss in contrast with a revenue of $319 million a 12 months earlier. The current outcomes had been dragged down by $1 billion in one-time tax withholding bills and lodging tax reserves.

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The holiday-rental platform disclosed in December that it will pay Italy’s tax company 576 million euros ($621 million on the time) to a case involving withholding from property hosts in that nation. Airbnb not admit wrongdoing, and firm officers say they do not truth any comparable legal responsibility in different international locations.

Excluding the particular bills, Airbnb mentioned it will have earned $489 million.

Income rose 17% to $2.22 billion, beating the $2.17 billion forecast of analysts in a FactSet survey. Bookings rose 12%, and the typical every day fee gained 3%.

Airbnb forecast first-quarter income of between $2.03 billion and $2.07 billion. Analysts had been in search of $2.03 billion.

The corporate mentioned demand stays robust, particularly amongst new customers of the positioning. Bookings grew 12% from a 12 months earlier, and picked up after “volatility” in October, when financial uncertainty and the beginning of warfare in Israeli-occupied Gaza raised doubts about journey demand.

Airbnb mentioned its development is selecting up in much less mature or “under-penetrated markets” together with Brazil, the place bookings made contained in the nation have practically doubled since late 2019.

The worth of gross bookings, at $15.5 billion, was barely increased than the $15.2 billion forecast amongst analysts.

The San Francisco firm added practically 1.2 million listings final 12 months, pushing its complete to greater than 7.7 million, with the quickest development charges in Asia Pacific and Latin America.

The corporate mentioned its board authorised a share-repurchase program of as much as $6 billion.

Shares of Airbnb Inc. initially jumped in after-hours buying and selling Tuesday, however then drifted decrease, falling 5% two hours after the top of normal buying and selling.

See also  Airbnb Bans Indoor Cameras In Rental Spaces Following The Hidden Camera Cases

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TAGGED: Ahead, Airbnb, demand, dispute, Gain, Italian, Loses, Million, posts, revenue, Sees, Strong, tax

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