Airbnb GAAP EPS of $2.13 misses by $0.02, revenue of $3.73B beats by $10M
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Contributor since / Followers
Contributor since / Followers
2 weeks ago
- Airbnb Press Release (NASDAQ:ABNB): Q3 GAAP EPS of $2.13 misses by $0.02.
- Revenue of $3.73B (+9.7% Y/Y) beats by $10M.
- Revenue was primarily driven by solid growth in nights stayed and a modest increase in Average Daily Rate (“ADR”).
- GBV of $20.1B Strong growth in Nights and Experiences Booked and a modest increase in ADR drove $20.1 billion of GBV in Q3 2024.
- In Q3 2024, Nights and Experiences Booked 122.8M increased 8% compared to the prior year, driven by continued growth in all regions.
- ADR was $164 in Q3 2024, increasing 1% compared to Q3 2023. Excluding the impact of FX, ADR in Q3 2024increased 2% and was flat to up across all regions, largely due to price appreciation and mix shift.
- During Q3 2024, the implied take rate (defined as revenue divided by GBV) was flat year-over-year at 18.6%, as the revenue generated by the additional service fee amount for cross-currency bookings was offset by investments in customer service aimed to enhance the guest and host experience, which impact contra-revenue.
- Outlook
- For Q4 2024, we expect to deliver revenue of $2.39 billion to $2.44 billion, representing year-over-year growth of 8% to 10%, inclusive of a modest foreign exchange tailwind. We anticipate that our implied take rate in Q4 2024 will be slightly lower on a year-over-year basis, primarily due to one-time benefits recognized from unused gift cards in Q4 2023. Excluding these one-time benefits related to gift cards in Q4 2023, revenue growth in Q4 2024 would be approximately two percentage points higher.
- For the full-year 2024, we now expect to deliver an Adjusted EBITDA Margin of approximately 35.5%. In addition, we expect to deliver a full-year 2024 Free Cash Flow Margin several points above our Adjusted EBITDA Margin. Q4 2024 Adjusted EBITDA Margin is expected to decline relative to the same time period last year due to higher marketing and product development expenses.
- In Q1 2025, the year-over-year growth rate of revenue will be negatively impacted by the comparison toQ1 2024, which benefited from both the timing of Easter and inclusion of Leap Day. For the full-year 2025,we’ll continue to pursue our growth initiatives, including offering new products and services, as well as expanding in global markets. We’re excited to share more about our 2025 growth and investment plans early next year.