Airbnb, Inc. (ABNB) experienced a surge of 5.04% in its stock price during Friday's trading session. This rally comes amid positive news within the online travel industry, particularly the robust demand for travel bookings.
The soaring stock price of Airbnb can be attributed to the strong quarterly results reported by its competitor, Expedia Group (EXPE). Expedia reported a 39% increase in earnings to $2.39 per share, beating analysts' estimates, driven by a 10% revenue growth to $3.18 billion. This performance underscores the recovering travel demand, which bodes well for Airbnb, as travelers increasingly turn to online platforms for accommodation and travel booking.
Analysts have highlighted the positive implications of Expedia's healthy results for other major players in the online travel industry, including Booking Holdings (BKNG) and Airbnb. With international travel demand continuing to rebound, investors are optimistic about the prospects of these companies, fueling the rally in Airbnb's stock price.
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