The home rental company Airbnb reported its first earnings as a public company Thursday in the wake of a pandemic that has upended the travel industry.
What Happened: Airbnb Inc (NASDAQ:ABNB), which went public in 2020, reported fourth-quarter and full fiscal 2020 earnings.
The company reported fourth quarter revenue of $859 million, a year-over-year decline of 22%. The figure came in higher than the Street estimate of $747.6 million.
Full-year revenue of $3.4 billion was down 30% year-over-year.
The decline in revenue came as lockdowns continued in parts of the world and a second wave of COVID-19 impacted the travel industry.
At the height of the pandemic, Airbnb had internally forecast a revenue decline of 50%. The fourth quarter and full year results did not reflect that worst-case estimate by the company.
What’s Next: Airbnb is expecting improvement in the next fiscal year with a travel rebound and the continued rollout of the COVID-19 vaccine.
“Our performance in 2020 showed that Airbnb is resilient and inherently adaptable. Travel is coming back and we are laser-focused on preparing for the travel rebound,” the company said.
ABNB Price Action: Shares of Airbnb lost 9.06% in Thursday's regular session and were down another 0.59% after-hours following the company's earnings report.
Related Link: Airbnb IPO Filing: 5 Key Takeaways Investors Need To Know
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