Airbnb reported Thursday that its first-quarter loss more than tripled, to $1.17 billion, as travel remained depressed by the pandemic, but revenue topped the same period in 2019.

The home-sharing business said in a letter to shareholders that travel is starting to return, “and we expect a travel rebound unlike anything we have seen before.”

Still, Airbnb expressed concern about travel restrictions and lockdowns in Europe, a key market for summer rentals. The San Francisco-based company said it is too early to predict whether the pace of the travel recovery will continue in the second half of the year.

Pandemic-related restrictions are cutting into Airbnb revenue, particularly in Europe. The company has seen growing demand for travel in the U.S., however, with particular interest in rentals in beach and mountain locations.

Airbnb’s first-quarter results were hurt by losses related to debt repayment and an adjustment in the value of warrants issued in connection with a loan.

Wall Street expected adjusted loss of $1.07 per share, according to a FactSet survey of 27 analysts.