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☆ Airbnb reports better-than-expected revenue and beats on guidance
▼ + stars: | 2024-02-13 | by ( Ashley Capoot | In | ) www.cnbc.com time to read: +3 min

Airbnb reported better-than-expected revenue for the fourth quarter on Tuesday and issued an optimistic forecast for the current period. Airbnb posted adjusted earnings of $738 million in the fourth quarter. Analysts were expecting $645 million, according to StreetAccount. Airbnb said revenue in the first quarter will be between $2.03 billion and $2.07 billion, while Wall Street was expecting $2.03 billion, according to LSEG. Gross booking value, which Airbnb uses to track host earnings, service fees, cleaning fees and taxes, came in at $15.5 billion in the fourth quarter.

Persons: Brian Chesky, Airbnb, It's Organizations: Airbnb Inc, Hope, Revenue, Hamas, Asia Locations: Atlanta , Georgia, Israel, America

NEW YORK (AP) — Airbnb on Tuesday donated a total of $10 million to more than 120 nonprofits in 44 countries on six continents, the short-term rental giant's latest outlays in its unusual distribution of $100 million through its Airbnb Community Fund. “Airbnb has a 21st century company view,” said Janaye Ingram, Airbnb’s director of community partner programs and engagement. By supporting nonprofits that its hosts find valuable, Airbnb can get more funding to groups that help keep their communities strong, Ingram said. The board solicited recommendations for nonprofits from the hundreds of Airbnb Host Club leaders around the world. However, the Airbnb Community Fund is operated separately from that.

Persons: — Airbnb, “ Airbnb, ”, Janaye Ingram, Ingram, Brian Chesky, “, ‘, ” Chesky, Nadia Giordani, George Floyd, ” Giordani, “ We’re, Airbnb, ” Airbnb’s Ingram Organizations: Fund, Japanese, Dog Resource, Atlanta Habitat, Humanity, Stanford University Graduate School of Business, Airbnb Host Club, Corporate Purpose, Community Fund, Lilly Endowment Inc, AP Locations: Digify Africa, ” San Francisco, Airbnb, New York City, Atlanta, Minneapolis

☆ Canada to add spending for housing amid slow growth and high debt payments
▼ + stars: | 2023-11-21 | by ( Steve Scherer | ) www.reuters.com time to read: +3 min

Canada's Deputy Prime Minister and Minister of Finance Chrystia Freeland attends the Canada-CARICOM Summit in Ottawa, Ontario, Canada October 18, 2023. Housing Minister Sean Fraser on Monday confirmed the government is considering such a measure. Many Canadians are dealing with higher living costs and housing affordability has emerged as the main criticism against the government. Freeland has promised to use the FES to try to boost housing supply and to help Canadians struggling with inflation. The Bank of Canada hiked rates to a 22-year high of 5.00% between March of last year and July of this year.

Persons: Finance Chrystia Freeland, Blair Gable, Chrystia Freeland, Justin Trudeau's, Freeland, Derek Holt, Holt, Sean Fraser, Trudeau, Pierre Poilievre, Steve Scherer, Matthew Lewis Organizations: Finance, Canada, CARICOM, REUTERS, OTTAWA, Canada Finance, Justin Trudeau's Liberal, Scotiabank, Canadian Broadcasting Corp, Toronto Star, Housing, Monday, Conservative, Bank of Canada, Reuters, Thomson Locations: Ottawa , Ontario, Canada, FES, United States, Ottawa

☆ Canada tax rule curbs Airbnb deductions to ease rental shortage
▼ + stars: | 2023-11-21 | by ( ) www.reuters.com time to read: +3 min

REUTERS/Dado Ruvic/Illustration/File Photo Acquire Licensing RightsTORONTO, Nov 21 (Reuters) - Canada introduced tax measures on Tuesday to ease a severe rental housing shortage by limiting income tax deductions on short-term rentals on services such as Airbnb Inc (ABNB.O) and VRBO, joining many countries that are enacting similar laws. The new rules apply as of Jan. 1 in provinces and municipalities that bar short-term rentals, and affect deductions such as interest expenses, the federal government said in its fall economic statement. In Montréal, Toronto and Vancouver alone, an estimated 18,900 homes were being used as short-term rental properties in 2020, the report added, noting that the number "has almost surely increased in recent years." Starting in 2024, the government will spend C$50 million ($36 million) over three years to enable municipal enforcement of restrictions on short-term rentals. Gabriel Giguère, public policy analyst at Montreal Economic Institute, criticized the government's decision to modify the tax treatment of the expenses of owners of short-term rental apartments.

Persons: Dado Ruvic, Nathan Rotman, Gabriel Giguère, Giguère, Nivedita Balu, Richard Chang, Leslie Adler Organizations: REUTERS, Rights TORONTO, Inc, Canada, Montreal Economic Institute, British Columbia, Thomson Locations: Canada, Montréal, Toronto, Vancouver, Montreal, Australia, Italy, Canadian, U.S, Florence, Byron, British

☆ The best evidence yet that banning Airbnbs will make rent go down
▼ + stars: | 2023-11-08 | by ( Katya Schwenk | ) www.businessinsider.com time to read: +14 min

The case of IrvineWhen the city of Irvine took on short-term rentals in 2018, Airbnb seemed unstoppable. Its tentacles had spread to cities across the globe, converting entire neighborhood blocks, in the most dramatic cases, to short-term rentals. Plenty of cities had passed ordinances banning short-term rentals, only to see Airbnb listings continue to pop up. That's consistent with data on short-term rentals in Irvine, which showed that by January 2021, the number of listings in Irvine had halved. As the Berlin and Boston studies found, when houses or apartments are pulled off the long-term market to be used as short-term rentals, housing supply decreases.

Persons: it's, that's, Banning, Irvine, Airbnb, Michael Seiler, College of William & Mary, Seiler, Murray Cox, Ken Fairbanks, Fairbanks, Cox, Airbnbs, Alicia Glen, Sarah Saadian, It's, we're, Saadian, Katya Schwenk Organizations: —, New, Real Estate Economics, College of William &, Irvine, New York's, Housing Coalition, The Locations: New York City, New York, York City, Irvine , California, Orange County, Real, Irvine, Plenty, Airbnbs, . New York City, Berlin, Boston, Burlington , Vermont, Summit County, Colorado, New, Airbnb, Phoenix , Arizona

☆ UK extends deadline on in-depth probe into Adobe's $20 bln deal for Figma
▼ + stars: | 2023-10-25 | by ( ) www.reuters.com time to read: +1 min

Figurines are seen in front of displayed Adobe logo in this illustration taken June 13, 2022. REUTERS/Dado Ruvic/Illustration/File Photo Acquire Licensing RightsOct 25 (Reuters) - Britain's competition regulator, on Wednesday, extended by eight weeks the deadline to complete its in-depth probe into Photoshop owner Adobe Inc's (ADBE.O) $20 billion buyout of cloud-based designer platform Figma, to February 2024. The CMA now has until Feb. 25 to conclude its investigation, compared to the earlier deadline of Dec. 27. In September 2022, Adobe announced a cash-and-stock deal for Figma, the biggest buyout of a privately owned software startup. Reporting by Eva Mathews in Bengaluru; Editing by Sherry Jacob-Phillips and Savio D'SouzaOur Standards: The Thomson Reuters Trust Principles.

Persons: Dado Ruvic, Eva Mathews, Sherry Jacob, Phillips, Savio D'Souza Organizations: REUTERS, Adobe, Markets Authority, CMA, Figma, Zoom Video Communications, Airbnb Inc, Thomson Locations: Bengaluru

☆ CEOs from Alphabet, Walmart, Pfizer meet White House officials on refugees
▼ + stars: | 2023-09-14 | by ( Jeff Mason | Thomson Reuters | Jeff Mason Is A White House Correspondent For Reuters. He Has Covered The Presidencies Of Barack Obama | ) www.reuters.com time to read: +2 min

REUTERS/Annegret Hilse/File Photo Acquire Licensing RightsCompanies Accenture PLC FollowAirbnb Inc FollowAlphabet Inc Follow Show more companiesWASHINGTON, Sept 14 (Reuters) - Chief executives from a wide array of U.S. companies will meet White House Chief of Staff Jeff Zients on Thursday to discuss refugee resettlement and sponsorship programs, a White House official said. The CEOs will include Alphabet's Sundar Pichai, Walmart's Doug McMillon, Pfizer's Albert Bourla, HP's Enrique Lores and others. They are part of a council of leaders affiliated with Welcome.US, a group dedicated to helping support refugees in the United States. They will meet Zients and other White House officials "to discuss specific ways we can continue to work together to support safe, orderly pathways for people in need of safety to come to the United States, including through refugee resettlement and new, expanded humanitarian sponsorship programs," a White House official told Reuters. The White House, which says it wants to partner with the private sector to build a humane immigration system, worked with Welcome.US to help Afghan refugees coming to the United States after Biden pulled U.S. troops out of Afghanistan in 2021.

Persons: Annegret, Jeff Zients, Alphabet's Sundar Pichai, Doug McMillon, Pfizer's Albert Bourla, HP's Enrique Lores, Richard Dickson, Julie Sweet, David Risher, Hamdi Ulukaya, Mike Sievert, Goldman Sachs, Kathy Hochul, Zients, Biden, Donald Trump, Welcome.US, Jeff Mason, Christian Schmollinger Organizations: Google, Arena, REUTERS, Accenture, White, Welcome.US, Reuters, Lyft, Mobile, Blackstone, Comcast, Meta, Republicans, Democrat, Republican, Biden, Thomson Locations: Berlin, Germany, WASHINGTON, United States, Airbnb, New, New York City, United, Afghanistan

☆ A real-estate investor who went from zero savings to financially independent couldn't always qualify for a mortgage. She shares the 2-part strategy she used to buy her first home.
▼ + stars: | 2023-08-09 | by ( Kathleen Elkins | ) www.businessinsider.com time to read: +9 min

Then, she obtained a private loan, rather than going through a traditional mortgage lender. She considers herself financially independent, since her rental income is more than enough to cover her bills, but still chooses to work. We worked out a private loan and he didn't need to verify my income or anything. "From what I'd heard from other investors and flippers doing private money, those loans are typically more expensive, like 10%, so I was actually quite fortunate. She ended up being able to pay off the entire private loan early, thanks to an unexpected family tragedy.

Persons: Zeona McIntyre, She's, McIntyre, That's, It's, she'd, there's, who'd, I'd, she's, you'll, I've Organizations: New Locations: New York City, Airbnb, Boulder

☆ A 37-year-old who is financially independent from her 12-unit real estate portfolio says 'investors overlook condos.' She explains why this type of property is a smart investment and her 'secret sauce
▼ + stars: | 2023-08-06 | by ( Kathleen Elkins | ) www.businessinsider.com time to read: +3 min

Real estate investor and consultant Zeona McIntyre says that investors overlook condos. While some investors may see HOA fees as a turn-off, she doesn't mind them. For McIntyre, the condo fees aren't necessarily a turn-off. It means less competition, she noted: "A lot of people don't like condos so they're a little easier to get. If she's not purchasing a condo, where the maintenance and utilities are covered, McIntyre prefers to have two to four units.

Persons: Zeona McIntyre, she's, McIntyre, —, they've Locations: Boulder , Colorado, Boulder

☆ A property investor in Boulder who went from a college student with zero savings to financially independent explains how she used Airbnb as 'real-estate training wheels' to get started
▼ + stars: | 2023-08-01 | by ( Kathleen Elkins | ) www.businessinsider.com time to read: +10 min

But she was able to get her foot in the door by starting with Airbnb and renting her apartment. Eventually, the money she made doing short-term rentals helped her afford her first property. But it wasn't enough to build up savings of any kind, let alone buy a property of her own. She wouldn't have had the confidence to buy an investment property had she not started with Airbnb, she noted. That said, "a lot of states are still allowing people to do short-term rentals," she explained.

Persons: Zeona McIntyre, Airbnb, McIntyre, I'd, I've, It's, wasn't, there's Organizations: New, Airbnb Locations: New York City, Boulder , Colorado, Boulder, Airbnb, That's, Honolulu, Aspen , Colorado

☆ Adobe tops quarterly results and forecast estimates driven by AI
▼ + stars: | 2023-06-15 | by ( Samrhitha A | ) www.reuters.com time to read: +2 min

June 15 (Reuters) - Adobe Inc (ADBE.O) surpassed Wall Street estimates for quarterly results and forecast on Thursday as the Photoshop maker's efforts to drive up demand with generative artificial intelligence (AI) integrations paid off. Adobe's spree to boost AI innovation has been evident by AI features being introduced into Acrobat, Express, Photoshop and Premiere Pro. Analysts see generative AI as both a near- and long-term benefit to both the creative and experience businesses, which could be a catalyst to 2024 revenue growth. Focus continues to remain on the impact of generative AI and the pending close of the Figma deal. Adobe has been waiting to finalize its $20 billion buyout deal for the cloud-based designer platform, with management expecting an initial ruling this month.

Persons: integrations, Dan Durn, Samrhitha, Pooja Desai Organizations: Adobe Inc, Acrobat, Adobe, Users, Reuters, Analysts, Zoom Video Communications, Airbnb Inc, Revenue, Thomson Locations: San Jose , California, Bengaluru

CompaniesCompanies Law Firms Airbnb Inc FollowNEW YORK, June 12 (Reuters) - The City of New York will delay enforcing a new municipal law that Airbnb Inc (ABNB.O) said could limit the number of people who can host rentals in the city, a Friday court filing showed. Under the law, hosts must be permanent occupants of the units being rented and must register with the Mayor's Office of Special Enforcement (OSE) before posting rentals. The office of New York City Mayor Eric Adams did not immediately respond to a request for comment. Airbnb said that in the first week of July, more than 5,500 short-term rentals are reserved to host more than 10,000 guests in New York City. The case is Airbnb Inc. v New York City Mayor's Office of Special Enforcement in New York State Supreme Court in Manhattan.

Persons: Eric Adams, Airbnb, Karen Dunn, Paul, Weiss, Doyinsola Oladipo, Richard Chang Organizations: Airbnb, Mayor's, Special Enforcement, New York City, Inc, New York, New York City Mayor's Office, Enforcement, Court, Thomson Locations: New York, New York City, Manhattan

☆ A 34-year-old created 2 bachelorette-themed Airbnbs that have brought in a combined $243,000 this year. Take a look inside the successful listings that he spent months and hundreds of thousands of dol
▼ + stars: | 2023-06-12 | by ( Kathleen Elkins | ) www.businessinsider.com time to read: +5 min

Kent He bought his first investment property in 2021 and turned it into a bachelorette-themed Airbnb. He and his wife bought their first investment property in August 2021 and spent three months converting it into a bachelorette-themed Airbnb. He owns three investment properties, two of which are bachelorette-themed Airbnb properties in Scottsdale. The bachelorette-themed Airbnb includes a beauty bar. Courtesy of Kent HeWhen Airbnb users have so many options to choose from, you want your property to stand out.

Persons: Kent, Scottsdale , Arizona —, PriceLabs, He, Kent He, — Locations: Scottsdale , Arizona, Scottsdale, niching

City councils around the United States are increasingly introducing ordinances to regulate short-term rentals, which in some cases will require hosts to obtain licenses and pay registration fees or limit the number of short-term rentals in business districts. The short-term rental company is requesting that the court blocks the enforcement of "Local Law 18". Airbnb said that in the first week of July, more than 5,500 short-term rentals are reserved to host more than 10,000 guests in New York City. The company said in the filing a previous law which went into effect in 2021 prompted 29,000 hosts to leave the short-term rental market in New York. Airbnb’s annual net revenue in New York City in 2022 was $85 million, according to the filling.

Persons: Airbnb, Doyinsola Oladipo Organizations: Airbnb, New York, New, New York City Mayor's Office, Special Enforcement, Thomson Locations: New York City, City, United States, New York's, New York

☆ A 34-year-old who achieved financial independence and quit his day job after setting up 2 bachelorette-themed Airbnbs in Scottsdale explains how he uses data to find 'outsized opportunities'
▼ + stars: | 2023-05-28 | by ( Kathleen Elkins | ) www.businessinsider.com time to read: +8 min

When Kent He decided to invest in short-term rentals, he started looking at data. To find a market to invest in, he looked at rental demand using AirDNA. It took about six months from the time he started looking at markets to when he closed on his first property. In this particular example, the rental demand score is 81. In 2021, when he first started looking at markets, "the demand was right around 66 to 68," he noted.

"Markets reacted positively because they saw the inflation data as a small positive," said Michael Harris, president at hedge fund Quest Partners LLC. The rate-sensitive S&P 500 technology sector index (.SPLRCT) went up 1.22% and the communication services (.SPLRCL) rose 1.69%. REUTERS/Brendan McDermidIndexes were choppy during the session, as investors digested the positive inflation print with concerns about the looming debt ceiling. Advancing issues outnumbered decliners on the NYSE by a 1.32-to-1 ratio; on Nasdaq, a 1.40-to-1 ratio favored advancers. The S&P 500 posted 18 new 52-week highs and 11 new lows; the Nasdaq Composite recorded 86 new highs and 152 new lows.

The Labor Department's Consumer Price Index (CPI) rose 4.9% in April from a year ago and compared with expectations of a 5% increase. The lower-than-expected inflation data drove the Nasdaq Composite Index (.IXIC) up as much as 1.17% to its highest intraday level in more than eight months. The rate-sensitive S&P 500 technology sector index (.SPLRCT) rose 0.82%, while communication services (.SPLRCL) was up 1.21%. Declining issues outnumbered advancers on the NYSE by a 1.17-to-1 ratio; on Nasdaq, a 1.03-to-1 ratio favored advancers. The S&P 500 posted 14 new 52-week highs and 11 new lows; the Nasdaq Composite recorded 71 new highs and 135 new lows.

The Labor Department's Consumer Price Index (CPI) rose 4.9% in April from a year ago and compared with expectations of a 5% increase. "You still have a reasonably strong economy and rates that are not going any higher." ET, Dow e-minis were up 181 points, or 0.54%, S&P 500 e-minis were up 33.75 points, or 0.82%, and Nasdaq 100 e-minis were up 116.25 points, or 0.88%. Shares of regional banks rose after a few volatile sessions last week on concerns about the health of the sector. Oil and gas producer Occidental Petroleum Corp (OXY.N) fell 0.9% after its first-quarter earnings fell short of analysts' estimates.

Large-cap technology stocks, including Apple Inc (AAPL.O) and Microsoft Corp (MSFT.O), dipped about 0.4% each in premarket trading. ET, Dow e-minis were down 62 points, or 0.18%, S&P 500 e-minis were down 7.25 points, or 0.18%, and Nasdaq 100 e-minis were down 25.25 points, or 0.19%. PacWest Bancorp (PACW.O) fell 2.5%, while Zions Bancorporation (ZION.O) and Western Alliance Bank (WAL.N) inched up 0.7% and 0.6%, respectively. Oil and gas producer Occidental Petroleum Corp (OXY.N) fell 1.5% after its first-quarter earnings fell short of analysts' estimates. Airbnb Inc (ABNB.O) lost 13.5% as the vacation rental booking company saw fewer bookings and lower average daily rates in the second quarter.

May 9 (Reuters) - Vacation rental booking company Airbnb Inc (ABNB.O) said on Tuesday that it expected fewer bookings and lower average daily rates in the second quarter versus a year earlier, sending shares down 11.5% in after-hours trading. Average daily rates were flat year-on-year at $168. Nicholas Cauley, an analyst at Third Bridge, said pressure on household budgets was likely to result in consumers choosing more affordable accommodation, leading to a decline in average daily rates in future quarters. "Some of the pressures that we're seeing there on overall revenue growth has frankly just been some of the elevated (average daily) rates," Airbnb Chief Financial Officer David Stephenson told investors. The company said earlier this year that average daily rates would remain pressured as vacationers returned to lower-cost urban rentals.

☆ Airbnb forecasts slower bookings in Q2, shares fall
▼ + stars: | 2023-05-09 | by ( ) www.reuters.com time to read: +2 min

May 9 (Reuters) - Airbnb Inc (ABNB.O) said on Tuesday it expects bookings growth and average daily rates to decline in the current quarter, signaling a reverse in demand trends and sending the vacation rental firm's shares down 9%. Revenue rose about 20% to $1.82 billion from a year earlier, compared with the average analyst estimate of $1.8 billion. The company said earlier this year that average daily rates (ADRs) will remain pressured as vacationers return to lower-cost urban rentals. Its first-quarter average daily rates (ADRs) remained flat at $168 compared with a year earlier. It forecast second-quarter revenue between $2.35 billion and $2.45 billion, largely in line with analysts' expectations.

☆ A Manhattan-based real estate investor who couldn't afford to buy in NYC breaks down 4 strategies for buying property if you live in a pricey city
▼ + stars: | 2023-05-07 | by ( Kathleen Elkins | ) www.businessinsider.com time to read: +8 min

Julia Lemberskiy realized pretty quickly after moving to New York City that owning a home was out of the question. Manhattan, New York is the most expensive housing market in the US, and Brooklyn and Queens, two of the other five boroughs that make up New York City, both cracked the top 15 priciest markets. She broke down four strategies for buying property if you live in a pricey market. Invest in a nearby, more affordable marketIf you live in a major city like Lemberskiy, starting small might be impossible. When Lemberskiy realized she couldn't afford to own in NYC, she started looking in upstate NY, where she eventually bought her first property.

☆ Adobe's $20 billion Figma buyout deal under UK competition watchdog scanner
▼ + stars: | 2023-05-03 | by ( ) www.cnbc.com time to read: +1 min

Britain's competition watchdog said on Wednesday it was looking into Adobe Inc 's $20 billion buyout deal for cloud-based designer platform Figma to find if it could lead to "substantial lessening of competition" in the country. The move underlines regulators' worries that large tech firms acquiring smaller innovative rivals could throttle competition. UK Competition and Markets Authority (CMA) last week blocked U.S. software giant Microsoft's $69 billion acquisition of "Call of Duty" maker Activision Blizzard over concerns it would hinder cloud gaming. CMA said it has set June 30 as the deadline for its phase 1 decision on the the Adobe-Figma deal. Figma said it would "continue to engage constructively with regulators in the UK".

☆ I bought 2 Airbnb tiny houses and put them in my yard. It started as an easy way to make extra cash — now it's my primary source of income.
▼ + stars: | 2023-04-11 | by ( Jamie Killin | ) www.businessinsider.com time to read: +6 min

I became an Airbnb host after I bought a tiny house and parked it on the side of my home in Oakland, California. Before the tiny house, I had converted my garage into a studio. I had a long-term tenant there already, and getting the tiny house was my attempt to make a little extra income on Airbnb. I think the popularity of tiny homes and the minimalist movement, along with my low pricing, helped attract Airbnb viewers. Since I had extra space, I decided to buy another tiny house for $35,000I call it The Tiny Heauxtel, and I bought it in 2021.

April 6 (Reuters) - Shares of Airbnb Inc (ABNB.O) fell as much as 6% on Thursday after an online independent publication released a report that probed unpleasant experiences that customers had during stays booked through the short-term rental platform. The company's shares were last down 5% in afternoon trading. Nights and experiences booked rose 20% from a year earlier but missed analysts' estimates. Last month, a fire broke out in a building in Montreal being used by long-term residents and short-term guests who booked lodgings through Airbnb. Some of the company's top professional hosts have cut out Airbnb and built their own booking platforms and are offering cheaper deals.

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