By Dhirendra Tripathi

Investing.com – Airbnb stock (NASDAQ:) traded 3.5% higher in premarket Wednesday as the home rental company’s fourth-quarter results reinforced a trend toward longer stays and higher average spending by guests.

A pandemic caused the shift toward longer stays. Guests wanted to travel to their home but were not restricted by distance. This trend is becoming more common as remote work is routinely allowed by more companies.

“People are spreading out to thousands of towns and cities, staying for weeks, months, or even entire seasons at a time,” Airbnb said in a letter to shareholders, while also pointing out that guests are now returning to cities.

The fourth quarter saw a 78% increase to $1.5 Billion, surpassing 2019 levels. Annual revenue hit $6 billion, making Chief Executive Officer Brian Chesky call it “the best year in our company’s history.”

According to the company, almost half the nights booked for fourth quarter were for longer stays than a week, while one fifth of all nights were for stays lasting a month or more.

The number of nights and experiences booked rose 59%, to more than 73,000,000. The gross booking value grew 91% due to a higher volume of bookings and better pricing.

From a loss in 2005 of 352 million, the company saw a rebound to $55 million net profit for its fourth quarter.

Airbnb now expects the number of nights and experiences booked in the first quarter to “significantly exceed” the first-quarter levels of 2019. Revenue for the current quarter is anticipated to average $1.45 Billion.