NEW YORK: Vacation rental firm Airbnb Inc has projected second-quarter revenue above market estimates, betting on pent-up demand to drive a summer of strong travel after Covid-19 curbs were eased globally.

       The San Francisco-based firm expects revenue between US$2.03bil (RM8.84bil) and US$2.13bil (RM9.27bil), compared with the average analyst expectation of US$1.96bil (RM8.53bil), according to Refinitiv data.

       The rise of hybrid working has in recent months encouraged people to book longer and more frequent stays in destinations away from cities, giving a boost to rental providers.

       “We are going to continue to see continued and sustained growth for stays of longer than a month and stays of longer than a week,” chief executive Brian Chesky said on a call with analysts. Shares of the company rose more than 4% in extended trading.

       Airbnb, which made a slew of changes to its service last year to take advantage of the post-pandemic travel surge, said it posted the strongest growth in gross nights booked in non-urban areas in the first three months of 2022.

       Gross booked nights in urban destinations also rose sharply to above pre-pandemic levels, while the number of nights and experiences booked – a key metric of the platform’s performance – exceeded 100 million for the first time.

       That along with a 37% surge in average daily rates over 2019 levels drove Airbnb’s revenue 70% higher from a year earlier. — Reuters