Airbnb (ABNB) reported earnings on Tue 1 Nov 22 (a/h)

 ** charts after earnings **

 

 

 

Airbnb beats by $0.29, beats on revs; guides Q4 revs in-line, expects Nights and Experiences Booked growth to moderate slightly qtr/qtr

• Reports Q3 (Sep) GAAP earnings of $1.79 per share, $0.29 better than the S&P Capital IQ Consensus of $1.50; revenues rose 28.9% year/year to $2.88 bln vs the $2.85 bln S&P Capital IQ Consensus.
  • Nearly 100 mln Nights and Experiences Booked, up 25% yr/yr.
  • Gross Booking Value up 31% yr/yr to $15.6 bln.
  • Adjusted EBITDA increased 32% yr/yr to $1.5 bln.
  • Co commented that guest demand remained strong; new use cases, including long-term stays and non-urban travel, are here to stay; recovery of urban and cross-border travel continues.
    • Secondly, there is strong growth in the number of new Hosts.
    • Also, guests continued to stay longer, comprising 20% of total gross nights booked in Q3.
• Co issues in-line guidance for Q4, sees Q4 revs of $1.80-1.88 bln vs. $1.86 bln S&P Capital IQ Consensus.
  • Four weeks into Q4, company is seeing promising trends in cross-border travel, renewed interest in urban stays, stabilizing cancellations, and a strong backlog of future bookings.
  • Expects Nights and Experiences Booked growth to moderate slightly relative to Q3, while ADR will face some pressure from FX headwinds and business mix.
  • Expects adjusted EBITDA to be up meaningfully on a nominal basis yr/yr.