Airbnb’s Q2 Earnings; Longer Stays & Remote Work Trends Highlighted
On Tuesday, Airbnb (ABNB) announced a record high in nights/experiences booked and second quarter revenue. Among these all-time highs, co-founder Brian Chesky highlighted that no category grew more than the longer-term stay category, noting that guests are "not just traveling on Airbnb, they're now living on Airbnb." This segment grew 25% from Q2 2021 and almost 90% from Q2 2019. Additionally, Chesky noted that more than 50% of stays booked are for more than seven nights and 20% of stays booked are for more than twenty-eight nights.
As we emphasized in our market outlook for short-term rentals, we intentionally design our purpose-built spaces to be comfortable for a weekend getaway or a months-long remote work retreat.
Speaking of, Airbnb also shared Tuesday why they continue to be bullish on the future of remote work. Chesky noted that Airbnb had its most productive two years in company history, all on Zoom. He explained that young companies tend to be key indicators for the future of workspace innovation, which Chesky believes is "meaningful, less frequent interactions." At Airbnb, they focus on gathering one week per quarter (just like Stomp) to maximize productivity.
We recently announced our new team at Stomp Capital, filled with capital markets and hospitality expertise, and I believe our remote-only policy enables us to hire talent, not proximity. Firms unwilling to adapt to the newest era of flexibility will lose out on attracting top-tier talent that would rather work in places that inspire them instead of corporate cubicles.
We believe we are still in the early innings of these secular trends that will impact how we work and travel for years to come. That is why we are raising capital now, to take advantage of the economic disruption, and acquire assets opportunistically as others panic and exit.