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Mar 31, 2024
Airbnb Q1 2024 Earnings Report
Airbnb had a strong start to 2024, with significant growth in Nights and Experiences Booked, revenue, and net income.
Key Takeaways
Airbnb's Q1 2024 revenue was $2.14 billion, up 18% year-over-year, driven by strong travel demand and the timing of Easter. Net income reached $264 million, the highest for any first quarter, and Adjusted EBITDA was $424 million, representing a 20% Adjusted EBITDA Margin.
Nights and Experiences Booked increased to 132.6 million, representing a 9.5% year-over-year growth.
Revenue grew to $2.14 billion, an 18% increase compared to Q1 2023.
Net income reached $264 million, more than doubling from the previous year.
Adjusted EBITDA was $424 million, with a 20% Adjusted EBITDA Margin.
Airbnb
Airbnb
Forward Guidance
For Q2 2024, Airbnb expects revenue between $2.68 billion and $2.74 billion, representing year-over-year growth of 8% to 10%.
Positive Outlook
- Robust demand for travel around international events such as the Olympics and Euro Cup.
- Year-over-year revenue growth expected to accelerate in Q3 2024 compared to Q2 2024.
- Year-over-year growth rate of nights booked in Q2 2024 to be relatively stable to that of Q1 2024.
- ADR for the quarter will be modestly up compared to Q2 2023 due to mix shift, partially offset by the impact of FX rate changes.
- For the full-year 2024, consistent with prior guidance, we expect to grow Adjusted EBITDA on a nominal basis and to deliver an Adjusted EBITDA Margin of at least 35%.
Challenges Ahead
- Year-over-year revenue growth in Q2 2024 will face a significant sequential headwind primarily due to the timing of the Easter holiday.
- The inclusion of Leap Day in Q1 2024.
- The impact of FX rate changes.
- Adjusted EBITDA to be flat to up on a nominal basis, but down on an Adjusted EBITDA Margin basis, relative to Q2 2023.
- Margin compression is primarily driven by pressure from the timing of Easter (the benefit to margin in Q1 2024 will become a headwind in Q2 2024), one-time payment processing incentive benefits impacting Q2 2023, and higher marketing expense (partially due to timing).