Airbnb (ABNB) swung to a bigger-than-expected profit in the fourth quarter, sending shares soaring in extended trading Thursday.
The company’s revenue grew 12% year-over-year to $2.5 billion, above the analyst consensus tracked by Visible Alpha. Its net income of $461 million, or 73 cents per share, compared to a loss of $349 million, or 55 cents per share, a year earlier, beating expectations.
The gains came as bookings rose 12% to 111 million, with growth across regions. Airbnb’s gross booking value was up 13% to $17.6 billion. Both figures topped analysts’ projections.
Looking ahead, 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 warned foreign exchange headwinds could negatively impact revenue growth.
Shares of Airbnb soared over 14% in extended trading following the release. The stock lost about 10% over the past 12 months through Thursday’s close.
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