Despite an increase in bookings and revenue, Airbnb reported a loss of $349 million in the fourth quarter following an income tax settlement with Italy. The company said its first-quarter revenue should meet or exceed Wall Street expectations.
The company had to fork over about $621 million to Italy’s tax agency to settle a case alleging related to withholding from hosts there. Airbnb, which did not admit any wrongdoing, says it is not exposed to this type of liability in other countries.
Airbnb expects bookings to cool somewhat between the fourth quarter and the first quarter, and for the early timing of Easter this year to hit second-quarter growth. However, it reiterated that demand is solid, with bookings up 12% from a year earlier.
It added almost 1.2 million listings last year, reaching more than 7.7 million, with the fastest growth seen in the Asia Pacific and Latin America.
