Airbnb shares jumped 12% to $200.52 after the company experienced record sales as demand for travel and the remote working population continues to grow.
According to the company, their revenue grew 67% to $2.2 billion during the third quarter, and its net income of $834 million surpassed Wall Street’s expectation of $456.2 million.
In August, Airbnb warned that its booking rates would likely drop during the third quarter compared to its total during the same time in 2019. However, the company continues to outperform its competitors, especially as people transition to more flexible remote working policies.
“But something bigger than a travel rebound is happening,” said Brian Chesky, CEO of Airbnb in a letter to shareholders. People “can now work from anywhere, travel any time, and stay longer. For those who can work remotely, we believe that flexibility will be the most important benefit after compensation.”
The company expects to see its revenue grow between $1.39 billion and $1.48 during the fourth quarter, especially as demand continues to grow following travel restrictions being lifted in the U.S. on November 8.