Airbnb Swings to Bigger-Than-Expected Profit, Sending Stock Soaring

Airbnb (ABNB) swung to a bigger-than-expected profit in the fourth quarter, sending shares soaring in extended trading Thursday.

The ensemble’s revenue grew 12% year-over-year to $2.5 billion, above the analyst consensus tracked by Visible Alpha. Its net profits of $461 million, or 73 cents per share, compared to a loss of $349 million, or 55 cents per share, a year earlier, absconding expectations. 

The gains came as bookings grew 12% year-over-year to 111 million, with growth across domains. Airbnb’s gross booking value was up 13% to $17.6 billion. Both figures topped analysts’ projections.

Looking at the, Airbnb said it expects first-quarter revenue of $2.23 billion to $2.27 billion, slightly below the $2.3 billion analysts were looking for, and cautioned foreign exchange headwinds could negatively impact revenue growth.

Shares of Airbnb soared over 14% in developed trading following the release. The stock lost about 10% over the past 12 months through Thursday’s away.