Airbnb's Q3 Earnings Call: Our Top 5 Analyst Questions

Airbnb’s third quarter results were well received by the market, highlighted by management’s focus on product improvements and expansion into new service categories. CEO Brian Chesky attributed growth to the launch of flexible payment options, a surge in international bookings, and ongoing enhancements to the guest experience. Management emphasized that the introduction of 'Reserve Now, Pay Later' in the U.S. led to a notable increase in bookings, while over 65 product updates—including improved mapping and cancellation policies—helped reduce friction for both guests and hosts. Chesky noted, “The better our product is, the more people use it.”

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While we enjoy listening to the management's commentary, our favorite part of earnings calls are the analyst questions. Those are unscripted and can often highlight topics that management teams would rather avoid or topics where the answer is complicated. Here is what has caught our attention.

Our Top 5 Analyst Questions From Airbnb’s Q3 Earnings Call

• Richard Clarke (Bernstein): Clarke asked about the impact and risks of 'Reserve Now, Pay Later.' CFO Ellie Mertz clarified that while cancellations have increased, the net impact remains positive for bookings and platform engagement.
• Eric Sheridan (Goldman Sachs): Sheridan questioned the timeline and investment needed for international expansion. Mertz explained that each market varies, with Latin America leading and newer markets like Japan showing strong early momentum but requiring sustained local adaptation.
• Justin Post (Bank of America): Post inquired about the contribution and retention from experiences. CEO Brian Chesky stated experiences are attracting new users and locals, but it will take three to five years for these to significantly impact revenue.
• Jed Kelly (Oppenheimer): Kelly asked about the long-term strategy for hotel integration. Chesky emphasized hotels are meant to supplement supply in constrained markets and serve different use cases, with pilots showing promising results.
• Douglas Anmuth (JPMorgan): Anmuth questioned Airbnb’s absence from ChatGPT integrations. Chesky responded that the company prioritizes high-quality, personalized integrations and is open to future partnerships as technology and user needs evolve.

Catalysts in Upcoming Quarters

In the coming quarters, the StockStory team will be monitoring (1) the rollout and adoption of AI-powered search and support features across more markets and languages, (2) the pace and impact of hotel and experiences expansion in new pilot cities, and (3) the effect of additional payment flexibility offerings on user acquisition and retention. The evolution of international market share and the success of localized product launches will also be key indicators of long-term growth.

Airbnb currently trades at $121.44, in line with $120.62 just before the earnings. Is there an opportunity in the stock?See for yourself in our full research report (it’s free for active Edge members).

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