Airbnb (NASDAQ: ABNB) reported Q1 EPS of $0.18, $0.02 worse than the analyst estimate of $0.20. Revenue for the quarter came in at $1.8 billion versus the consensus estimate of $1.79 billion.

GUIDANCE:

Airbnb sees Q2 2023 revenue of $2.35-2.45 billion, versus the consensus of $2.42 billion.

• We are looking forward to another strong summer travel season. We expect to deliver revenue of $2.35 billion to $2.45 billion in Q2 2023. This represents year-over-year growth of between 12% and 16%. We anticipate that our implied take rate (defined as revenue divided by GBV) in Q2 2023 will be above Q2 2022.
• Nights and Experiences Booked will have unfavorable year-over-year comparisons in Q2 2023 as we overlap pent-up 2022 demand following the COVID Omicron variant. We expect year-over-year growth in Nights and Experiences Booked in Q2 2023 to be lower than our revenue growth during the quarter. Although ADR continues to demonstrate greater than expected resilience, particularly in EMEA and North America, we anticipate a slightly lower ADR in Q2 2023 than Q2 2022 driven by mix shifts and the introduction of new Host pricing tools as part of our 2023 Summer Release.
• In Q2 2023, we expect Adjusted EBITDA to be similar to Adjusted EBITDA in Q2 2022 on a nominal basis, but lower on a margin basis. This anticipated year-over-year decline in Adjusted EBITDA margin is primarily driven by changes in the expected timing of our marketing spend relative to the prior year. Compared to Q2 2022, we expect that Sales and Marketing expense in Q2 2023 will be approximately 400 basis points higher as a percent of revenue as we deploy marketing earlier in the year than last year. We continue to anticipate a full year Adjusted EBITDA margin that is broadly in-line with full-year 2022.

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