Airbnb reinvents itself with record profits and use of artificial intelligence
15-02-24
Airbnb, after achieving record profits, announces its intention to diversify its offer and explore new markets, including artificial intelligence. Under the leadership of Brian Chesky, CEO and co-founder, the company, which was founded in 2008 in San Francisco, closed 2023 with revenues totaling $9.917 billion, up 18% from the previous year, and net income of $4.792 billion, up 153% from 2022, marking its most profitable year ever.
In its letter to shareholders, Airbnb expressed enthusiasm for expanding its horizons beyond its core business in a process that is expected to be gradual over the next few years.
Chesky has mentioned in previous interviews and during the analyst conference the company's interest in artificial intelligence, highlighting the acquisition of GamePlanner.AI, the company behind Siri. The goal is not to develop its own generative AI models, but to optimize the interface for a better user experience. Chesky suggests that future initiatives could include integrations of AI and external services to offer personalized travel recommendations and improve interaction with hosts.
In addition to its foray into artificial intelligence, Airbnb is focused on geographic diversification, investing in emerging international markets and making significant inroads in Germany, Brazil, Korea, Switzerland, Belgium and the Netherlands. Despite reporting losses in the last quarter of 2023 due to exceptional tax charges, the company maintains a positive outlook for the start of 2024, expecting revenues between $2.03 billion and $2.07 billion for the first quarter.
With the Paris 2024 Olympics on the horizon, Airbnb anticipates an increase in supply and demand in the French capital, projecting to accommodate half a million people. The firm has weathered the adversity of the pandemic with a remarkable recovery since 2020, doubling its revenues compared to the year of the health crisis and establishing a new share buyback program worth up to $6 billion, reflecting its strong market valuation and optimism in its future growth and expansion.
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