"The travel rebound is upon us," according to Airbnb ©Getty Images

The International Olympic Committee (IOC) sponsor Airbnb is rebounding strongly from a COVID-blighted 2020, as travel picks up again in some regions of the world.

The short-term rental provider has reported revenue of $1.34 billion (£966 million/€1.14 billion) for the three months to end-June, fully a billion dollars up on the corresponding year-earlier period.

While costs also rose sharply to $1.39 billion (£1 billion/€1.18 billion), the San Francisco-based company's net loss of $68.2 million (£49.2 million/€57.8 million) compared very favourably with the loss of $575.6 million (£415 million/€488.1 million) experienced a year earlier.

"The travel rebound is upon us," the group proclaimed in an extensive shareholder letter.

It added: "Guests from countries with high vaccination rates, including the U.S. and parts of Europe, are driving the travel recovery…

"While the COVID-19 pandemic creates ongoing uncertainty for our future results, we expect [third quarter 2021] revenue to be our strongest quarterly revenue on record."

It seems unlikely that Tokyo 2020 will have benefited Airbnb in the manner originally expected.

Tokyo 2020, which went ahead without spectators at the vast majority of venues, will not have showcased Airbnb's services as the company had hoped ©Getty Images
Tokyo 2020, which went ahead without spectators at the vast majority of venues, will not have showcased Airbnb's services as the company had hoped ©Getty Images

When the company signed on as an IOC sponsor in 2019 - in the exclusive category of "Unique Accommodation Products and Unique Experiences Services" - co-founder Joe Gebbia revealed that Airbnb hosts in Japan had earned more than $70 million (£50.5 million/€59.4 million) during the Rugby World Cup, adding: "And we have even bigger expectations for the Olympic Games".

Airbnb noted in the new shareholder letter, however, that its business in the Asia Pacific region "remained depressed" compared with the equivalent three months of 2019, before the pandemic struck.

Sensitivities surrounding Beijing 2022, along with COVID-19's lingering impact, mean that this edition of the Winter Olympic and Paralympic Games will also need to be carefully handled.

However, future Games hosts Paris, Milan and Los Angeles have traditionally been among the group's biggest markets for private accommodation rentals worldwide.

Airbnb's present deal with the IOC runs through until 2028.