Airbnb posts $1.2 billion profit in 3Q as revenue jumps 29%

By DAVID KOENIG
AP Business Writer

Airbnb is reporting a $1.2 billion profit for the third quarter but giving a cautious outlook for the fourth quarter. The short-term rental company said Tuesday that demand for short-term rentals remains strong despite economic uncertainty. Airbnb shares have been under pressure this year, dropping more than 30% since January despite the recovery in travel. Airbnb’s challenges include consumers cutting back on discretionary spending like travel due to higher prices for food and gas. Its users are also complaining more about Airbnb’s high fees. The CEO says redesigning Airbnb’s pricing structure is a top priority.