AUS
NZ
UK
CA
USA
IND
_10_04_2024_16_38_50_427275.jpg)
Highlights
- Stocks of Airbnb Inc. (NASDAQ:ABNB, ABNB:US) jumped 10 per cent on Tuesday, August 24.
- Airbnb has announced that it will give host 20,000 Afghan refugees free of cost.
- Airbnb also plans to make use of donations from CEO Brian Chesky and its charity wing to support the refugees.
Stocks of Airbnb Inc. (NASDAQ:ABNB, ABNB:US) jumped 10 per cent on Tuesday, August 24, after the vacation rental company announced that it will host to 20,000 Afghan refugees for free.
The announcement came as the humanitarian crisis worsens in Afghanistan after the Taliban took over the nation.
Informing about the company's decision, Airbnb CEO Brian Chesky said in a series of tweets that he is hoping that other business leaders will draw inspiration from his move and extend their support to Afghan nationals as well.
Airbnb also plans to make use of donations from the CEO and its charity wing to support the refugees.
Mr Chesky noted that Afghanistan is facing one of the biggest humanitarian crises of our time. According to the UN Refugee Agency, around 270,000 Afghans have been displaced internally since January 2021.
The UN agency is also asking neighbouring countries to keep their borders open and help Afghan nationals amid the ongoing humanitarian crisis in the war-torn country.
Airbnb (NASDAQ:ABNB) stock and financial performance
Airbnb stock has surged by about 10 per cent year-to-date (YTD) and shot up by some 20 per cent in the last three months.
Compared to its 52-week low of US$ 121.5 apiece, ABNB stock was up by about 33 per cent to US$ 161.42 apiece by the end of the trading session on August 24.
Airbnb scrip also recorded a relative growth of 12 per cent in that past one month, outperforming the NASDAQ Composite Index's jump of five per cent in the same period.
Copyright © 2021 Kalkine Media
In the second quarter of 2021, Airbnb recorded revenues of US$ 1.3 billion, representing an increase of 300 per cent year-over-year (YoY). In addition, its net loss in Q2 2021 was significantly lower at US$ 68 million, which was an improvement of US$ 507 million when compared to the second quarter of 2020.
The firm’s profitable adjusted EBITDA was US$ 217 million in Q2 2021, which was a substantial improvement from a negative US$ 397 million in Q2 2020.
Bottomline
As vaccinations rise across the world, more people are expected to travel as most of the people have remained indoors since the COVID-19 pandemic began.
With Airbnb making progress in terms of narrowing its net loss, the resumption of vacation plans could help it to record increased revenues and achieve profitability in the future.
