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Airbnb Inc ABNB CEO Brian Chesky touched on the changing landscape for technology at the company’s fourth-quarter earnings conference call on Tuesday.
What Happened: Chesky said he was “very excited about the possibilities of [Artificial Intelligence] AI.”
The executive said, “Airbnb will uniquely benefit from this.” He reasoned that AirBnB has a difficult “product challenge” as unlike hotels the company doesn’t have stock-keeping units (SKUs) or representative inventory.
“Every single 1 of our 6.6 million listings are unique guests left more than 100 million reviews last year. And to parse through all these reviews is very glorious,” said Chesky.
He said that AI was going to benefit Airbnb’s “long tail of data” as it was not really a search problem but a matching problem.
See Also: How To Buy Airbnb (ABNB) Shares
Why It Matters: Airbnb reported fourth-quarter revenue of $1.9 billion, a rise of 24% on a year-over-year basis, according to Benzinga data.
The net income for the period came in at $319 million.
For the current year, Airbnb said it wants to grow beyond the core and will “build the foundation for future products and services that will provide incremental growth for years to come.”
Airbnb is guiding first-quarter revenue of $1.75 billion to $1.82 billion, above the Street estimate of $1.69 billion.
Price Action: On Tuesday, Airbnb shares shot up nearly 10% in the after-hours trading to $132.90 after closing 3.8% higher at $120.87 in the regular session, according to data from Benzinga Pro.
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Image and article originally from www.benzinga.com. Read the original article here.