Summary by Moomoo AI
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
