By Denny Jacob

Airbnb saw results soar in the latest quarter, buoyed by sustained travel demand around the world and a tax benefit.

The home-sharing company logged net income of $4.37 billion, or $6.63 a share, for the third quarter ended Sept. 30, up from $1.21 billion, or $1.79 a share, a year earlier. Analysts polled by FactSet expected earnings of $2.11 a share.

The San Francisco-based company noted that net income in the quarter included a $2.8 billion one-time income tax benefit due to a release of a valuation allowance on certain of its deferred tax assets. Adjusted net income was $1.6 billion excluding the benefit of the one-time item.

Revenue surged to $3.4 billion from $2.88 billion. Analysts polled by FactSet expected $3.37 billion.

Airbnb said revenue grew on growth on bookings in nights and experiences, or activities reserved through the platform, and a tailwind from foreign exchange.

Write to Denny Jacob at denny.jacob@wsj.com

(END) Dow Jones Newswires

November 01, 2023 16:27 ET (20:27 GMT)

Copyright (c) 2023 Dow Jones & Company, Inc.
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