By Leah Montebello
After a rocky set of results for Silicon Valley titans, tech platforms will be keeping a close eye on Airbnb’s second quarter results scheduled to drop tomorrow evening.
The rental platform is forecasted to generate $2.1bn (£1.7bn) in revenue for the quarter, according to Zacks Investment Research.
This represents an almost double-digit growth on last year’s $1.3bn (£1.1bn), when many holidaying spots were still under some form of restriction.
The vote of confidence comes as Airbnb posted record quarterly results back in May, beating estimates and soothing post-pandemic concerns.
First quarter revenue shot up 70 per cent from the year prior, despite the travel-booking firm noting “macroeconomic headwinds,” war in Ukraine and the pandemic.
Revenue hit $1.5bn and exceeded its pre-pandemic comparable by 80 per cent, after growth was driven by roaring sales in its Nights and Experiences Booked divisions.
Confidence in the sector had returned with holidaymakers now booking accommodation further in advance and the San Francisco-based company forecasting “strong sustained pent-up demand.”
Despite this confidence, Airbnb shares have plunged over 35 per cent in the year to date amid wider tech sell-offs and ongoing cost of living concerns that are forcing people to tighten their purse strings.
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