Airbnb Inc (NASDAQ:ABNB) stock rose 1.08% (As on May 4, 11:37:11 AM UTC-4, Source: Google Finance) after the company posted better than expected result for the first quarter of FY 22. The lodging-booking company recorded 102.1 million nights and experiences booked in the first quarter, the first time it has hit the 100 million mark in a quarter, beating analysts’ expectation of 100.8 million. That was an increase of 26% compared with the first quarter of 2019, and excluding Asia Pacific it was up almost 40%. Gross bookings were $17.2 billion, compared with analysts’ expectation of $16.6 billion and up 73% compared with the 2019 quarter. Bookings increased despite the average daily rates being higher for consumers. In the first quarter, they were at $168, up 37% compared to the same quarter in 2019. Airbnb reported a first-quarter net loss of $19 million, compared with $1.2 billion, in the year-ago period. Q1 2022 net cash provided by operating activities was $1.2 billion, up from $618 million in Q1 20212. Free cash flow of $1.2 billion was an all-time high, up from $611 million in Q1 2021.

Moreover, the Q1 2022 non-urban gross nights booked increased 80% compared to Q1 2019. Domestic gross nights booked also increased 65% compared to Q1 2019. At the same time, guests are returning to cities and crossing borders once more. Gross nights booked to high-density urban destinations grew 80% compared to Q1 2021, exceeding pre-pandemic Q1 2019 levels, and gross nights booked for cross-border travel more than tripled from Q1 2021, returning to near pre-pandemic Q1 2019 levels.

ABNB in the first quarter of FY 22 has reported the adjusted loss per share of 3 cents, beating the analysts’ estimates for the adjusted loss per share of 28 cents, according to the Zacks Consensus Estimate. The company had reported the adjusted revenue growth of 80 percent to $1.51 billion in the first quarter of FY 22, beating the analysts’ estimates for revenue by 3.88%. Adjusted EBITDA was $229 million. This is the first positive adjusted EBITDA in Q1, and this represented adjusted EBITDA margin of a positive 15%.

The company expects second-quarter revenue to be of between $2.03 billion and $2.13 billion, and for gross nights and experiences booked to be similar to the first quarter. Analysts were forecasting earnings of 29 cents a share on revenue of $1.96 billion, according to FactSet.