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Airbnb has shared its quarterly results for the normally very productive period from July to September. The results were mixed, sending its stock price down on Wall Street.
Heavy spending on marketing
The platform’s revenue rose 10% from $3.4 billion a year earlier, to $3.73 billion. Its net income rose to $1.37 billion, down from $4.37 billion a year earlier. This is due in part to the considerable spending devoted to marketing to strengthen Airbnb's presence in international markets such as Brazil and Japan.
Despite everything, reserves have jumped by 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 marketplaces, app bookings, and guest favorites lists, and I look forward to another busy holiday travel season ,” said Brian Chesky, the company’s CEO.
Last month, Airbnb launched the new co-host feature. It allows hosts to collaborate with others to manage their property, delegating certain responsibilities. This could be roommates, friends, family, neighbors, or hired professionals. « Not only would this unlock more deals, but I think in the years to come it could unlock millions of listings ,” Chesky estimates.
© Pixabay/Instagram FOTOGRAFIN Peggy
Big changes are coming to Airbnb
During the traditional call with shareholders, the executive also supported his plans to deploy an assistant powered by artificial intelligence (AI) within the platform. Initially, it will answer to basic user questions, but it can then personalize its responses based on each user's reservations.
Airbnb hopes that in the long term, This technology handles 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 had 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 rentals.
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