companies show strong numbers. out of the market closed, the ceo of starbucks touted the progress it had made over the last four months about the coffee giant posting a third quarter profitjust shy third quarter profit just shy of third quarter profitjust shy of $913 million on sales of more than 8 billion. this was better than wall street was expecting, given that covid lockdowns in china, which resulted in the 44% drop in same store sales there. in the united states, same store sales rose by around 9% as higher prices helped offset lower traffic. meanwhile, ayr b&b benefited from people spending more on activities. the home rental platform reported record bookings and said it was buying back $2 billion of its own shares, while the s revenue, much like air b&b, also got a boost, as consumers continued to use its raid healing services, despite the fact prices are going up. in fact, the firm even said inflation has helped them to recruit more drivers, as people try to
supplement their income. so with central banks around the world trying to rein in inflation, these strong results show that, despite all the gloom and doom, businesses are not yet falling off a cliff. so that s good news, isn t it? michelle mentioned there airbnb. joining me now from san francisco is sarah kunst, managing director, cleo. air b&b reporting record bookings. has it fully bounced back from the pandemic? it seems to have. the interesting question is as we move into the fall. does business travel comeback, are people travelling for conferences again or is it primarily people who had long saved up for a summer vacation and once that summer travel is over, is aianb going to see another decline? over, is aianb going to see another decline? and that is the worry. another decline? and that is the worry, because - another decline? and that is the worry, because a - another decline? and that is the worry, because a lot - another decline? and that is the worry, because a lot of
pent up desire to go on holiday, perhaps have money saved they could not use because they couldn t travel. once they had done that for summer and then they went to kicks in and we are worried about money, inflation, energy bills, well airbnb see a fall in demand? that is a great question. they think they went. they would point you to the fact they would point you to the fa i ., ., , they would point you to the fa i . . , . fact that what they are actually fact that what they are actually saying - fact that what they are actually saying is - fact that what they are actually saying is the l fact that what they are - actually saying is the majority of bookings for longer stays and a lot of that is driven by the shift to remote work and people are not being in one place all the time but i think there is a real question about what people do particularly in that period between the holidays and their summer travel. . , holidays and their summer travel. . ., travel. brian chesky, founder
do you envisage the airport will be back to normal? do you envisage the airport will be back to normal? back to 2019 in the autumn of this back to normal? back to 2019 in the autumn of this year back to normal? back to 2019 in the autumn of this year because - back to normal? back to 2019 in the autumn of this year because the - autumn of this year because the passenger numbers will have dropped and the security officers and all the other staff will be here and what we will want to be doing is to focus on some 23 so we are not making a comparison of summer 19, we are talking about how much better manchester airport has been. it is crucial to north manchester airport has been. it is crucial to north yorkshire s crucial to north yorkshire s economy, worth many millions every year, high demand has led to a number of properties being used as holiday lets, many through platforms like air b&b. good news for property owners but there is some evidence that some tenants are being affecte
are literally being forced out. we are literally being forced out. - are seeing lots of households coming to us, long term tenants who are being evicted by their tenants who are choosing to convert their properties into air b&b. we are choosing to convert their properties into air 8&3. we think this is a growing properties into air 8&3. we think this is a growing problem. - properties into air 8&3. we think this is a growing problem. the i properties into air 8&3. we think i this is a growing problem. the coast can be a tough place to make a living, lower paid work and a business woman has found out how hard it is to find a home she can call her own. i hard it is to find a home she can call her own- call her own. i am in two minds about it because call her own. i am in two minds about it because my call her own. i am in two minds about it because my business l call her own. i am in two minds - about it because my business relies on visitors, about it because my business relies