Working from home has created an entirely new way for people to vacation.
Brian Chesky, chairman and CEO of Airbnb (ABNB) - Get Airbnb Report told Jim Cramer on a recent episode of "Mad Money" that when workers became untethered from the office, they started traveling to new locations more often, and staying longer. This has become a key part of the success of the company, despite all the difficulties encountered from the pandemic. Cramer recently recommended that stock buyers include the company on their shopping lists because of the way Airbnb has navigated the pandemic. Get more trading strategies and investing insights from Cramer and his Action Alerts PLUS team.
People live in homes for a reason, Chesky said, and that's why people prefer renting a home rather than just a hotel room. The peer-to-peer lodging company reported last month that its second-quarter loss narrowed sharply on rebounding revenue, but cautioned that the fast-spreading Delta variant of the Covid-19 virus is beginning to affect its business.
Chesky said Airbnb just completed its one-billionth guest arrival and its 500-millionth guest review this quarter, a feat the 14-year-old company is proud of. Airbnb has over six million locations in their network. More than 55% of their hosts are women.
Chesky attributed Airbnb's success to an adaptable business model and the diversity of listings, which includes properties in hundreds of thousands of locations and at every price point.