Airbnb beats analysts' estimates
Airbnb delivered its quarterly results for the first quarter of 2024, surpassing analysts' estimates on the top and bottom lines. The company reported revenue growth of 18% YoY, bringing the figure to $2.1 billion. The net income was $264 million, up 126% YoY, and operating income amounted to $1.9 billion, recording an increase of 18% YoY. Per the investor letter, the company conducted share buybacks worth $750 million in the first quarter of the current year and registered 132.6 million bookings, marking an increase of 9.5% YoY.
Net revenue = $2.1 billion (18% YoY) vs. $1.8 billion in 1Q23
Net income = $264 million (126% YoY) vs. $117 million in 1Q23
Operating income = $1.9 billion (18% YoY) vs. $1.6 billion in 1Q23
Earnings per share = $0.41 (127% YoY) vs. $0.18 in 1Q23
Additional information
Forward guidance
Airbnb expects its revenue to increase by approximately 10% in the second quarter of 2024, bringing it to $2.68 billion. Further, the company anticipates stable growth in bookings and adjusted EBITDA to be flat to up on a nominal basis but down on an adjusted EBITDA margin basis when compared to the second quarter of 2023. In addition to that, Airbnb expects its full-year 2024 stock-based compensation expense to be approximately 20% higher than in the full year 2023.
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Net revenue = $2.1 billion (18% YoY) vs. $1.8 billion in 1Q23
Net income = $264 million (126% YoY) vs. $117 million in 1Q23
Operating income = $1.9 billion (18% YoY) vs. $1.6 billion in 1Q23
Earnings per share = $0.41 (127% YoY) vs. $0.18 in 1Q23
Additional information
- Active listings rose by 15% in the first quarter of 2024.
- Long-term stays of 28 days or more accounted for 17% of gross nights booked, down about 1% compared to the first quarter of 2023.
- Gross nights booked in non-urban areas grew by 10% YoY.
Forward guidance
Airbnb expects its revenue to increase by approximately 10% in the second quarter of 2024, bringing it to $2.68 billion. Further, the company anticipates stable growth in bookings and adjusted EBITDA to be flat to up on a nominal basis but down on an adjusted EBITDA margin basis when compared to the second quarter of 2023. In addition to that, Airbnb expects its full-year 2024 stock-based compensation expense to be approximately 20% higher than in the full year 2023.
Please feel free to express your ideas and thoughts in the comment section.
DISCLAIMER: This analysis is not intended to encourage any buying or selling of any particular securities. Furthermore, it should not be a basis for taking any trade action by an individual investor or any other entity. Therefore, your own due diligence is highly advised before entering a trade.
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