Airbnb Inc (NASDAQ:ABNB) stock fell 3.81% (As on August 3, 11:45:29 AM UTC-4, Source: Google Finance) after the company posted mixed results for the second quarter of FY 22. Gross booking value was $17 billion, up 27% from last year or 34% if you exclude foreign exchange. Now both revenue and GBV were 73% higher than Q2 2019, significantly outperforming the travel industry. Net income of $379 million was a nearly $700 million improvement from Q2 2019. Adjusted EBITDA was $711 million, which represents a 34% adjusted EBITDA margin, which is significantly up from the 16% margin in Q2 2021, a negative 4% in Q2 2019. Finally, the company generated $795 million of free cash flow. Now this is a $1.1 billion improvement from the nearly $300 million cash burn two years ago at the depth of the pandemic. Over the last 12 months, Airbnb generated $3 billion in free cash flow, nearly $3 billion, and ended the quarter with nearly $10 billion in cash. The increase in cash flow was driven by revenue growth and margin expansion, as well as seasonal bookings growth driving increased unearned fees. Our TTM FCF was $2.9 billion, representing a TTM FCF margin of 39%

Moreover, the company exceeded 103 million Nights and Experiences Booked, the largest quarterly number ever, up 24% compared to Q2 2019, despite macroeconomic uncertainties. Gross nights booked to high-density urban areas in Q2 2022 accelerated from Q1 2022, and once again exceeded pre-pandemic levels. ABNB also saw gross nights booked for cross-border travel not only surpass pre-pandemic levels, but double compared to Q2 2021, demonstrating the tremendous recovery compared to last year. Active listings for non-urban destinations were up nearly 50% compared to Q2 2019, driven by continued demand for non-urban nights. In Q2 2022, long-term stays of 28 days or more remained the fastest-growing category by trip length compared to 2019. Long-term stays increased nearly 25% from a year ago and by almost 90% from Q2 2019.

ABNB in the second quarter of FY 22 has reported the adjusted earnings per share of $0.56, beating the analysts’ estimates for the adjusted earnings per share of $0.41, according to the Zacks Consensus Estimate. The company had reported the adjusted revenue growth of 58 percent to $2.1 billion in the second quarter of FY 22, missing the analysts’ estimates for revenue by 0.23%.