Companies /Consumer Cyclical

Airbnb Inc - Class A

NASDAQ: ABNB Travel Services
$183.26
▲ $0.72 (+0.39%) today
Markets closed · 4:49am ET

Q4 2022 Earnings

Reported Feb 14, 2023, 4:02pm ET · SEC source
$0.48
Beat +92.00%
EPS · est. $0.25
$1.9B
Beat +2.18%
Revenue · est. $1.9B
−8.7%
Trailing market
ABNB vs S&P since report
1 quarter
Consecutive EPS beats

Market Reaction

% change · around the report
−5%0+5%+10%Feb 14Feb 15report 4:02pm ETearnings+0.5%+8.1%
−5%0+5%+10%Feb 14Feb 15earnings+0.5%+8.1%
ABNB +8.1%S&P 500 +0.5%
−5%0+5%+10%Feb 14Feb 15report 4:02pm ETearnings+1.1%+8.1%
−5%0+5%+10%Feb 14Feb 15earnings+1.1%+8.1%
ABNB +8.1%NASDAQ +1.1%
−7%0+7%Feb 13Feb 22report 4:02pm ETearnings−3.1%−3.2%
−7%0+7%Feb 13Feb 22earnings−3.1%−3.2%
ABNB −3.2%S&P 500 −3.1%
−7%0+7%Feb 13Feb 22report 4:02pm ETearnings−3.4%−3.2%
−7%0+7%Feb 13Feb 22earnings−3.4%−3.2%
ABNB −3.2%NASDAQ −3.4%
+13.35%
Day of report
+1.76%
Next session
−8.39%
One week
−13.58%
30 days

S&P 500 over the same 30 days: −4.89%.

Did ABNB Beat Earnings? Q4 2022 Results

Airbnb closed out Q4 2022 with a decisive beat on both the top and bottom lines, as the home-sharing giant posted earnings per share of $0.48 against a consensus estimate of just $0.25, a 92% beat, while revenue of $1.90 billion edged past the $1.86 billion estimate and grew 24.1% year over year. The driving force behind the quarter was a surge in guest demand, with Nights and Experiences Booked reaching 88.2 million, up 20% from Q4 2021, as cross-border travel continued its recovery and urban destinations gained momentum. Net income expanded sharply to $319 million from $55 million a year earlier, and Adjusted EBITDA climbed 52% to $506 million with margins widening to 27%. The broader travel sector appeared to provide a favorable tailwind, with peer operators also reporting robust booking volumes during the period. Looking ahead, Airbnb guided Q1 2023 revenue of $1.75 billion to $1.82 billion, reflecting 16% to 21% growth, while management flagged that new pricing and discounting tools may pressure average daily rates through the remainder of 2023.

Key Takeaways
  • 20% year-over-year growth in Nights and Experiences Booked to 88.2 million
  • Cross-border gross nights booked increased 49% year over year
  • High-density urban nights booked grew 22% year over year
  • Active listings grew 16% year over year to 6.6 million (excluding China)
  • Revenue growth and expense discipline expanded net income margin from 4% to 17%
  • Strong U.S. dollar created FX headwinds on reported metrics

Forward Guidance & Outlook

Airbnb expects Q1 2023 revenue of $1.75 billion to $1.82 billion, representing 16–21% year-over-year growth (18–23% ex-FX). The implied take rate in Q1 2023 is expected to be similar to Q1 2022, with similar seasonality throughout 2023 as in 2022. Nights and Experiences Booked year-over-year growth in Q1 2023 is expected to be nearly as strong as Q4 2022. ADR in Q1 2023 is anticipated to be slightly lower than Q1 2022, with increasing downward pressure through the remainder of 2023 from mix shift and new pricing/discounting tools. For the full year 2023, the company expects to maintain the strong Adjusted EBITDA margin delivered in 2022, offsetting ADR headwinds with incremental variable cost efficiencies and fixed cost discipline. Q1 2023 Adjusted EBITDA margin is expected to be slightly down year over year due to timing changes in brand marketing spend, with sales and marketing approximately 150 basis points higher as a percent of revenue in Q1 but flat for the full year.

ABNB YoY Financials

Q4 2022 vs Q4 2021 · SEC filings Q4 2021 Q4 2022
$0$600.0M$1.2B$1.8B$1.5B$1.9BRevenue$1.2B$1.6BGross Profit$75.6M$235.0MOperating Income$54.5M$319.0MNet Income
$0$600.0M$1.2B$1.8BRevenueGross ProfitOperating IncomeNet Income

Figures from SEC filings and company reports. Not investment advice.