Airbnb财报解读：本地业务实验，仍待时间验证

Core Viewpoint - Airbnb delivered a solid Q2 financial report, but its market value dropped by up to 10.1% on the same day, attributed to declining investor confidence in its "local living services" prospects [2] Group 1: Financial Performance - In Q2, Airbnb recorded 134 million nights and experiences booked, a 7% year-over-year increase; revenue reached $3.1 billion, up 13%; adjusted EBITDA was $1 billion, with a profit margin of 34%, surpassing last year's 32.5% [3] - Regional growth varied, with Latin America and Asia-Pacific growing around 10%, Europe and the Middle East showing single-digit growth, and North America experiencing low single-digit growth [3] Group 2: Competitive Landscape - Booking.com expanded its alternative accommodation offerings to 8.4 million listings and 114 million nights booked, reaching 84% and 85% of Airbnb's respective figures, indicating increased pressure on Airbnb [4] - Airbnb's strategy focuses on exclusive listings, which may conflict with hosts' interests who prefer multi-channel listings, potentially limiting Airbnb's growth in nights booked and GMV [4][5] Group 3: Local Living Services - The report highlighted that 10% of service orders were local, but this represents only a small fraction of total orders, suggesting limited traction in local services [6][8] - CEO Brian Chesky's goal of increasing user frequency by tenfold remains distant, as the current local order volume is significantly low compared to expectations [7] - Airbnb's approach to local living services includes self-designed products and a focus on community engagement, but it requires time to validate its effectiveness [7][8] Group 4: Valuation and Market Position - Despite being a major player in local bookings, local orders constitute only about 1% of total production, which is insufficient to support Airbnb's self-positioning as a "local living inspiration platform" [8] - The company aims for local orders to reach 10% as an initial target, with a mid-term goal of 30%-50% to enhance its valuation narrative [8]