Storm Clouds Forming In Airbnb's Q2 Report

Airbnb reported its Q2 results last night, and they were disappointing, with the stock falling over 15% in pre-market trading today. Revenue came in at +11%, which was a touch below the 13% figure the Street was looking for. Underlying metrics show that nights booked were up only 9%, with particular weakness in the U.S. Indeed, management mentioned that they were seeing shorter booking lead times and slowing travel demand in the U.S., a possible portent of an economic slowdown. Discretionary expenses like travel usually are the first to decline. Given this, it is prudent to pull back on near-term growth expectations for Airbnb. The fair value price gets a cut down to $162. That said, trading in the low $100's, ABNB looks like a good value for long-term holding.

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