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Airbnb has shared its quarterly report for the normally very prolific period from July to September. Mixed results, which led to a fall in its stock price on Wall Street.
Heavy spending on marketing
The platform's revenue increased 10% from $3.4 billion a year earlier to $3.73 billion, while net profit reached $1.37 billion, down from $4.37 billion year-on-year. This was due in part to significant marketing spending to bolster Airbnb’s presence in international markets such as Brazil and Japan.
Despite this, reserves jumped 8% to $122.8 million compared to the same period in 2023. “We had another strong quarter at Airbnb, with booking growth accelerating throughout Q3 and into Q4. I am particularly proud of the growth in our expansion markets, app bookings and guest favorites lists, and I look forward to another busy holiday travel season ,” says Brian Chesky, the company’s CEO.
Last month, Airbnb launched a new co-host feature. It allows hosts to collaborate with others to manage their property, delegating some responsibilities. These could be roommates, friends, family members, neighbors, or committed professionals. “ Not only would this unlock more listings, but I think in the years to come, it could unlock millions of listings,” Chesky says.
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During the traditional call with shareholders, the executive also outlined his plans to deploy an artificial intelligence (AI)-powered assistant within the platform. Initially, it will answer users' basic questions, but it will then be able to personalize its responses based on each user's reservations.
Airbnb hopes that in the long term, this technology will handle the majority of requests currently handled by traditional customer service. ” We believe that in the future, the vast majority of our conversations will be intercepted and managed directly by the artificial intelligence agent ,” Chesky explained.
The platform is also preparing a strategic shift for 2025. It thus plans to explore sectors close to travel, before venturing ” well beyond ” in the next ten years, without giving any additional specifications.
To illustrate this strategy, Brian Chesky draws a parallel with the journey of Amazon. He recalls how the e-commerce giant, initially specialized in selling books, diversified in the late 1990s by offering CDs, DVDs and other consumer products. The ambitions are colossal: Airbnb plans to launch one to two new businesses each year, each expected to generate more than $1 billion in additional annual revenue.
- Airbnb reported a mixed third quarter.
- The platform will deploy an AI assistant that should eventually handle all user requests.
- It will also begin a vast diversification to offer services other than rental.
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