The American platform for renting accommodation between individuals, Airbnb has reported on its business for the first quarter of 2021. The group reported mixed results for the entire period. However, it has recorded an increase in bookings in the first three months of fiscal 2021. Likewise, its revenue has increased year-on-year. Furthermore, the company also discussed its outlook for the whole of this year.
The business of the American group Airbnb took place in a difficult context still marked by the health crisis of the coronavirus, during the first quarter of 2021. Over the entire period, the company recorded a net loss that stands at $1.17 billion. This corresponds to -1.95 dollar per share.
This loss was heavier than the market forecast. The latter was indeed targeting a loss of -1.17 dollar per share for the first three months of this year. In addition, the net loss in Q1-2021 is due to the repayment of debt incurred by loans taken out at the beginning of the Covid-19 pandemic.
It is also the result of the continued payment of restructuring costs following layoffs.
In the first quarter of 2021, US-based home rental platform Airbnb beat expectations for its quarterly revenue. From January to the end of March, the group's turnover amounted to $887 million, up 5%, compared to the first quarter of 2020.
This is well above analysts' forecasts, who were targeting sales of $721 million for the quarter. Moreover, thanks to this great performance of the CA, the American company has exceeded its pre-crisis level of activity: that is, in the first quarter of 2019.
Also, over the last three months as a whole, bookings made by Airbnb have risen sharply by 52% to $10.29 billion. Also at this level, the group did better than expected by exceeding market expectations. The latter was expecting an average of $7.87 billion.
On the occasion of the release of its Q1 2021 business update, Airbnb also revealed its targets for the current fiscal year. As far as the second quarter is concerned, the American group is aiming for a revenue that is significantly higher than the one recorded in Q2 last year.
Also, it is expected to reach a similar level as in Q2 of fiscal 2019. In Q2-2021, the company believes that the positive momentum seen in Q1-2021 will be slightly offset by the continued uncertainty of travel restrictions and lock-ins in EMEA.
However, the company says it is not timely at this time to say whether the recovery in its business will continue in the second half of the year. As a result, the group is not yet in a position to make any numerical forecasts for the year as a whole.