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.
Airbnb said 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 Hotels.com, 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.
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).
This story originally appeared on Entrepreneur