Airbnb Inc. (NASDAQ:ABNB) shares are trending Wednesday following the company's announcement of a major platform expansion.
What To Know: The company introduced Airbnb Services and Airbnb Experiences, along with a redesigned app that integrates bookings for homes, services and activities in a single interface.The updates aim to expand Airbnb's business beyond lodging.
“Seventeen years ago, we changed the way people travel. More than two billion guests later, Airbnb is synonymous with a place to stay. With the launch of services and experiences, we're changing travel again. Now you can Airbnb more than an Airbnb,” said Brian Chesky, co-founder and CEO of Airbnb.
Airbnb Services includes offerings like in-home chefs, massages, personal training and spa treatments, launching in 260 cities across 10 categories. Airbnb Services will be available at nearly every price, and many services will offer an entry level below $50.
Airbnb Experiences, reimagined with new standards and original content, allows users to book activities hosted by local experts. Experiences range from cultural tours and culinary workshops to sessions hosted by celebrities. The company is launching Experiences in 650 cities globally and plans to add more offerings daily.
Airbnb also unveiled a redesigned app interface featuring real-time itinerary management, a new Explore tab and improved host tools. The company also rebuilt the app for hosts to include everything needed to manage their homes, services or experiences.
The rollout reflects Airbnb's effort to grow its presence in the broader travel and lifestyle market. Chesky described the expansion as a shift from being a platform for booking stays to one offering a complete trip experience.
The new features are available starting this week and hots can access upgrades by enrolling in Airbnb Early Access in the app.
ABNB Price Action: Airbnb has a 52-week high of $163.93 and a 52-week low of $99.88. Airbnb shares experienced a significant decline of close to 40% from its highs in February to its lows in early April. The stock has rebounded more than 30% off the April lows. Shares were up 0.47% at $138.70 at the time of publication Wednesday, according to Benzinga Pro.
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