Airbnb Q1 Revenue Grew By 20% — But Why Did the Stock Drop One Day After the Results? The results come a week after the company announced 50 new features to the service.

By Madeline Garfinkle

Bloomberg | Getty Images

Airbnb released its first quarter results for 2023 on Monday, and the company reported record revenue and booking highs.

In Q1, Airbnb revenue grew by 20% to $1.8 billion, with a net income of $117 million — making it the company's "highest first quarter ever," the release said.

Additionally, the company's Nights and Experiences feature (where users can sign up for activities hosted by locals) set a new record high with an increase of 19% from the year before and over 120 million bookings.

Related: Airbnb Just Made It Much Easier to Rent Your Apartment Long-Term

Airbnb said it had a 36% increase in cross-border bookings, with a significant increase in Asia Pacific regions, which had a 40% year-over-year increase in bookings.

According to a survey by the U.S. Travel Association, about one in four Americans (23%) plan to travel for leisure in 2023, with half (about 52%) going somewhere in the next six months. Expedia, which owns Vrbo and, also saw record-breaking Q1 revenue, up 18% from a year ago.

However, during the earnings call on the same day as the record-high revenue results, Airbnb CFO David Stephenson cautioned about the upcoming months.

"Q2 is turning out to be a little bit tougher comp given omicron last year, but we're seeing overall stable demand for the back half," Stephenson said on the call.

As of Wednesday afternoon, Airbnb stock dropped nearly 14% — the steepest fall since December 2020, per Bloomberg data.

Related: How to Start an Airbnb Business Without Owning Property

Last week, Airbnb announced over 50 new features, including the introduction of Airbnb Rooms, which offers additional details regarding privacy in the home (whether or not a bathroom is shared, if the room has a lock).

Wavy Line
Madeline Garfinkle

Entrepreneur Staff

News Writer

Madeline Garfinkle is a News Writer at She is a graduate from Syracuse University, and received an MFA from Columbia University. 

Editor's Pick

A Leader's Most Powerful Tool Is Executive Capital. Here's What It Is — and How to Earn It.
One Man's Casual Side Hustle Became an International Phenomenon — And It's on Track to See $15 Million in Revenue This Year
3 Reasons to Keep Posting on LinkedIn, Even If Nobody Is Engaging With You
Why a Strong Chief Financial Officer Is Crucial for Your Franchise — and What to Look for When Hiring One

Related Topics

Growing a Business

My Startup Scored a Multimillion-Dollar Contract With a Fortune 100 Client in Just 3 Years. Here's What We Learned.

There's no perfect litmus test to gauge if you're ready to go after big business or not — but if you don't take the risk, you'll never realize the reward.


5 Questions to Ask a PR Pro Before Hiring Them

You probably haven't considered asking these questions, but they're a great way to find the right PR firm for your business.

Business News

The Virgin Islands Want to Serve Elon Musk a Subpoena, But They Can't Find Him

Government officials would like to talk to Tesla's owner as part of an investigation into the Jeffrey Epstein case.


This Location-Based Marketing Technique Is the Key to Boosting Retail Sales

Let's take an in-depth look at geofencing marketing and how it's helping retail locations drive foot traffic and boost sales.

Growing a Business

The Inevitable Challenges You'll Face as Your Business Grows — and How to Handle Them

There's going to be some discomfort as your business expands, but it doesn't have to stop you from achieving massive success.

Business News

'Just Say You Are Going Broke': Starbucks Slammed For Price Increase On Popular Item

The chain will start charging $1 extra for customization on its popular Refresher beverages.