For Audemars Piguet, this summer will be a difficult one.
The vacation rental platform’s revenue per listing in some cities fell nearly 50% last month compared with a year earlier, according to the data. data from all rooms.
“The Airbnb debacle is real,” Nick Gerli, CEO of real estate investment advisory firm Reventure, tweeted about the data. “Later this year, Airbnb owners will face a wave of forced sales in areas hardest hit by the sharp drop in income.”
As the number of available properties surged this spring, prices fell in cities like Phoenix and Austin. According to short-term rental analytics firm AirDNA, the platform had 1.4 million active listings in April, up 18% from a year earlier, Insider reported.
Airbnb spokesman Sam Randall disputed the figures in a statement to Bloomberg.
“These data are inconsistent with our own data,” Randall said. “As we said in our first quarter earnings report, more guests than ever are traveling through Airbnb, with nights and experiences booked up 19% in the first quarter of 2023 compared to the same period last year.”
Demand for short-term rentals remains high, though off post-pandemic highs, especially as inflation prompts renters to consider more budget-conscious travel, the company said.
Jamie Lane, senior vice president of AirDNA, also said: refute On Tuesday, AllTheRoom released its analysis in a Twitter thread, claiming that AirDNA’s data showed an average revenue drop of about 4 percent per available listing, not 40 percent.
“Let’s get some facts straight… it’s not broken [revenue per available listing] is happening,” Lane said in tweet. “Will it be down in 2023? Yes. Is it down 40%? No.”
In the first quarter of this year, Airbnb released record revenue It was $1.82 during the period, beating Wall Street analysts’ expectations. However, the company’s grim forecast for the second quarter sent shares tumbling after the first-quarter earnings call.
Shares of Airbnb fell to $113.19, or 11%, on Wednesday following the May earnings call, marking the company’s biggest one-day loss in six months.
The company expects second-quarter revenue to decline by about $2.35 billion to $2.45 billion. While those numbers are in line with analysts’ expectations, Airbnb’s projected revenue growth is only 12% to 16% annually, the slowest pace since it went public in 2020.
Some of Airbnb’s rivals, including Booking Holding and Expedia, followed suit with strong first-quarter earnings, though Airbnb Chief Executive Brian Chesky dismissed their growth.
“No other travel company comes close,” Chesky told Bloomberg in an interview. interview After the earnings call.
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