By Yasin Ebrahim
Investing.com -- Airbnb reported Tuesday a reported fourth-quarter results that beat on both the top and bottom lines as the easing of the pandemic's grip on travel spurred a rebound in bookings.
Airbnb (NASDAQ:ABNB) shares were up more than 5% in after-hours trading.
The company reported EPS of 8 cents on revenue of $1.53 billion, compared with Wall Street estimates for EPS of 4 cents on revenue of $1.46 billion.
The beat was driven by a rebound in it bookings for nights and experiences compared with a year ago, when pandemic-fueled travel restrictions were more widespread.
"Airbnb saw continued strength in nights and experiences booked in North America, EMEA and Latin America, all of which have driven significant year-over-year growth," the company said.
Gross booking value increased 91% to $11.3 billion year-on-year, while average daily rates averaged approximately $154 in Q4 2021, representing a 20% increase from the same prior year period, and a 36% increase compared to the same period in 2019
Looking ahead to Q1, the company touted a further upswing in growth amid pent-up demand following omicron-led restrictions.
"[F]or the first time since the pandemic began, we expect Q1 2022 Nights and Experiences Booked to significantly exceed Q1 2019 levels, which we believe will result in our strongest quarterly nights and experiences booked on record," the company said.
First quarter 2022 revenue was in a range of $1.41 billion to $1.48 billion, compared with Wall Street estimates for $1.23 billion.