Airbnb reported an 11% year-on-year revenue increase to $2.7 billion for the quarter ended June 30, 2024, driven by a 9% rise in Nights and Experiences Booked and a modest increase in Average Daily Rate (ADR). Despite the revenue growth, net income decreased by 15% to $555 million due to a $100 million rise in income tax expense, primarily from deferred tax expense on U.S. deferred tax assets. Adjusted EBITDA saw a 9% increase to $894 million, reflecting the company's strong business performance. Operating cash flow improved, with $1.1 billion generated in the quarter, up from $909 million in the previous year. The company also repurchased 4.9 million shares for $749 million, with $5.3 billion remaining under its share repurchase program. In business development, Airbnb continued to focus on international expansion...Show More

Airbnb reported an 11% year-on-year revenue increase to $2.7 billion for the quarter ended June 30, 2024, driven by a 9% rise in Nights and Experiences Booked and a modest increase in Average Daily Rate (ADR). Despite the revenue growth, net income decreased by 15% to $555 million due to a $100 million rise in income tax expense, primarily from deferred tax expense on U.S. deferred tax assets. Adjusted EBITDA saw a 9% increase to $894 million, reflecting the company's strong business performance. Operating cash flow improved, with $1.1 billion generated in the quarter, up from $909 million in the previous year. The company also repurchased 4.9 million shares for $749 million, with $5.3 billion remaining under its share repurchase program. In business development, Airbnb continued to focus on international expansion, particularly in Asia Pacific and Latin America, which contributed to the growth in Nights and Experiences Booked. Looking ahead, Airbnb anticipates paying additional federal taxes in 2024 due to the Corporate Alternative Minimum Tax but expects tax credits to offset federal tax in subsequent years. The company is also engaged in a tax dispute with the IRS, contesting a proposed $1.3 billion adjustment related to the valuation of international intellectual property.