爱彼迎财报超预期股价逆势涨，新兴市场成增长引擎

Core Insights - The stock price of Airbnb (ABNB) rose significantly due to strong performance in core business metrics that exceeded market expectations [1] Performance Overview - Gross Booking Value (GBV) reached $20.4 billion in Q4 2025, a 16% year-over-year increase, marking the highest quarterly growth rate since 2023, indicating a sustained recovery in global travel demand [2] - Total bookings for accommodations, experiences, and services reached 122 million in Q4, a 10% year-over-year increase, reflecting the effectiveness of product flexibility upgrades such as the "book now, pay later" feature [2] - Revenue for Q4 was $2.8 billion, a 12% year-over-year increase, slightly above the company's guidance upper limit; total revenue for the year was $12.2 billion, a 10% increase, aligning with the long-term target of low double-digit growth [2] - Emerging markets showed outstanding performance, with booking growth in India, Brazil, and Japan reaching twice that of core markets; specifically, bookings in India grew by 50%, with first-time users increasing by over 60%, becoming a significant growth engine [2] Business Developments - New business initiatives have made a significant contribution, with nearly half of the experience orders not linked to accommodation bookings since the launch of "Airbnb Experiences" and "Airbnb Services" in May 2025, indicating a gradual formation of independent customer acquisition capabilities [3] - Management provided an optimistic outlook, projecting Q1 2026 revenue to reach between $2.59 billion and $2.63 billion, a year-over-year increase of 14% to 16%, with expectations for annual revenue growth to further improve to "at least low double digits," reinforcing market expectations for demand resilience [3] Stock Performance - Following the earnings report, despite a 26% year-over-year decline in net profit due to increased strategic investments, investors focused on GBV growth, emerging market penetration, and the scaling potential of new businesses; on the day of the report, while the overall travel services sector declined by 1.17%, Airbnb's stock rose by 4.15%, highlighting its superior performance compared to peers [4] Summary - The stock price increase was primarily driven by record GBV growth, accelerated booking volume, high growth in emerging markets, and optimistic performance guidance [5]