(Reuters) – Airbnb Inc’s first-quarter income beat estimates by a small margin, helped by regular journey demand within the face of macroeconomic worries and a restoration within the Asia-Pacific area.

The San Francisco-based trip rental firm, one of many prime pandemic beneficiaries, joined different journey firms in reporting bookings that sign journey demand has not waned amid recession fears and shrinking shopper spending.

Airbnb mentioned on Tuesday it noticed the best variety of lively bookers within the quarter, throughout which gross bookings rose 19% to $20.4 billion, above analysts’ expectation of $19.67 billion, per Refinitiv information.

Income rose about 20% to $1.82 billion from a 12 months earlier, in contrast with the typical analyst estimate of $1.8 billion.

“We had been significantly inspired by the continued restoration of Asia Pacific as nights booked in Q1 2023 elevated over 40% year-over-year,” Airbnb mentioned in a press release.

Final week, Airbnb mentioned it is going to permit friends to interrupt funds into installments, in a bid to cater to budget-conscious vacationers. The corporate mentioned earlier this 12 months that common each day charges (ADRs) will stay pressured as vacationers return to lower-cost city leases.

The corporate’s first-quarter common each day charges (ADRs) remained flat at $168 in contrast with a 12 months earlier.

“We anticipate a barely decrease ADR in Q2 (versus final 12 months) pushed by combine shifts and the introduction of latest Host pricing instruments as a part of our 2023 Summer season Launch,” Airbnb mentioned.

It forecast second-quarter income between $2.35 billion and $2.45 billion, largely according to analysts’ expectations.

The corporate additionally mentioned gross bookings would gradual within the second quarter after it recorded excessive progress charge final 12 months because of pent-up journey demand.

Airbnb reported a internet earnings of $117 million within the three months ended March, in contrast with a internet lack of $19 million a 12 months earlier. It was the corporate’s first worthwhile quarter on a GAAP foundation.