(Reuters) -Vacation rental firm Airbnb Inc projected second-quarter revenue above market estimates on Tuesday, betting on pent-up demand to drive a strong summer travel season after COVID-19 curbs were eased globally.
Shares of the company rose more than 3% in extended trading.
Airbnb, which made a slew of changes to its service last year to take advantage of the post-pandemic travel rebound, said it posted the strongest growth for gross nights booked in non-urban areas in first three months of 2022.
“In Q1, long-term stays of 28 days or more remained our fastest-growing category by trip length compared to 2019,” the company said in a statement.
Gross booked nights in urban destinations also posted strong growth and rose above pre-pandemic levels thanks to the return of international travel, while nights and experiences bookings – a key metric of the platform’s performance – exceeded 100 million for the first time.
Online travel websites Expedia Group Inc and Trivago NV also posted higher quarterly revenues on Monday as demand returned to pre-pandemic levels.
Airbnb reported a net loss of 3 cents per share, compared with analysts’ estimates of a 29 cents per share loss.
(Reporting by Aishwarya Nair in Bengaluru; Editing by Aditya Soni)