Airbnb Q3 FY12/2024 Earnings Review

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Steady as She Goes

By Hermit Warrior, standing in for Abhishek Singh

Airbnb (ABNB) posted another decent quarter in Q3. Revenue came in a little over management's forecast, although at around 10% growth year on year, it marked a continued deceleration as travel spend normalizes from the heady post-COVID levels of 2021-22. 

For Q4, management is guiding to revenue growth of approximately 9% yoy at the midpoint.

Here are the headlines:

On the plus side, Gross Margins, EBITDA and unlevered free cashflow margins all ticked up in what is traditionally their strongest quarter, even as sales and marketing expenses grew faster than revenue year-over-year, as they invest in organic growth initiatives. Their Q3 Shareholder Letter provides a good overview of their strategic goals for 2024.