“关税大棒” 痛击酒旅出行，Airbnb 既没增长、也没利润了？

Core Viewpoint - Airbnb's Q1 2025 financial results indicate a significant slowdown in core operating metrics, with total gross booking value (GBV) at $24.5 billion, reflecting only a 7% year-over-year growth, marking the first time post-pandemic growth has dipped below 10% [1][2][8] Group 1: Key Operating Metrics - Total nights booked increased by only 7.9% year-over-year, with a notable sequential decline of 6.4 percentage points [1][2] - The average daily rate (ADR) decreased by approximately 0.9%, marking the first decline since Q4 2022, primarily due to currency exchange rate impacts [2][3] Group 2: Regional Performance - North America experienced the most significant demand weakness, with night bookings growing by only low single digits. Excluding North America, overall night growth could reach 11% [2][3] - South America and Asia-Pacific regions showed robust growth, with night bookings increasing by over 20% and around 15%, respectively, driven by contributions from Mexico and Japan [2][3] Group 3: Revenue and Monetization - Revenue for the quarter was $2.27 billion, a 6.1% year-over-year increase, but this growth lagged behind GBV growth [2][3] - The take rate declined for the fourth consecutive quarter, down 8 basis points year-over-year, indicating a bottleneck in monetization capabilities [3][4] Group 4: Profitability and Costs - Despite increased investments in new business initiatives, profitability continued to shrink, with adjusted EBITDA margin declining by approximately 1.4 percentage points to 18.4% [5][6] - Marketing and product development expenses rose by 8% and 17% year-over-year, respectively, outpacing revenue growth and contributing to the decline in profit margins [5][6] Group 5: Future Guidance - For Q2 2025, the company projects a revenue midpoint of $3.02 billion, implying a 10% year-over-year growth, although this includes a favorable impact from the timing of Easter [6][8] - The company anticipates a slight further slowdown in night bookings growth and a stable ADR, with adjusted EBITDA expected to remain flat or slightly decline year-over-year [6][8]