Airbnb shares rise 5% after posting 'best year' 

Airbnb has recovered from the beginning of the pandemic, when the company cut thousands of jobs.

Airbnb shares rose 5% a day after after it beat revenue and profit estimates in the fourth quarter, bucking a resurgent wave of Covid-19 infections and heading into this year even stronger than before the pandemic. 

The San Francisco-based company reported net income of $55m (€48.5m) compared with a loss of $3.9bn a year earlier, marking a record for the period. Revenue grew 78% to $1.53bn. 

Chief executive Brian Chesky called the results “the best year in our company’s history”, and said that Airbnb was able to weather the pandemic because of its highly adaptable business model. 

“We have millions of types of homes in nearly every community at nearly every price point all over the world,” he said in an interview. “That means that however travel changes, we’re able to adapt.” 

Airbnb has recovered from the beginning of the pandemic, when the company cut thousands of jobs and considered delaying its initial public offering as travel ground to a halt around the world. 

After the initial shock, business boomed as workers no longer had to be in traditional offices five days a week and could work from anywhere. 

“As a result,” Airbnb said in a letter to shareholders, “people are spreading out to thousands of towns and cities, staying for weeks, months or even entire seasons at a time.” Almost half of the number of nights booked in the fourth quarter were for stays of a week or longer and one in five nights were for stays of a month or more.

• Bloomberg