“关税大棒” 痛击酒旅出行，Airbnb 既没增长、也没利润了？

Core Viewpoint - Airbnb's performance in Q1 2025 was disappointing, with key operational metrics showing a significant slowdown, indicating a broader trend of weakening performance across the company [4][10]. Group 1: Key Operational Metrics - Total Gross Booking Value (GBV) for the quarter was $24.5 billion, reflecting a year-on-year growth of only 7%, marking the first time post-pandemic that growth fell below 10% [4]. - The total nights booked increased by just 7.9% year-on-year, with a notable sequential decline of 6.4 percentage points [4]. - The Average Daily Rate (ADR) decreased by approximately 0.9% year-on-year, the first decline since Q4 2022, primarily due to currency exchange rate impacts [5]. Group 2: Regional Performance - North America experienced the most significant demand weakness, with night bookings growing by only low single digits. In contrast, South America and Asia-Pacific regions showed robust growth, with night bookings increasing by over 20% and around 15%, respectively [5][6]. - The overall night booking growth rate would have reached 11% if North America was excluded from the calculations, highlighting the importance of emerging markets in offsetting declines in mature markets [5]. Group 3: Revenue and Monetization - Revenue for the quarter was $2.27 billion, a 6.1% year-on-year increase, but this growth lagged behind the GBV growth, indicating a bottleneck in monetization [6][8]. - The take rate, or monetization rate, slightly decreased by 8 basis points year-on-year, marking the fourth consecutive quarter of decline, suggesting challenges in the company's ability to convert bookings into revenue [6][10]. 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% [6][10]. - Marketing and product development expenses grew by 8% and 17% year-on-year, respectively, outpacing revenue growth and contributing to the decline in profit margins [6][10]. Group 5: Future Guidance - For Q2 2025, the company guided a revenue midpoint of $3.02 billion, implying a year-on-year growth of about 10%, although this includes a favorable impact from the timing of Easter [7][8]. - The company anticipates a continued slight slowdown in night booking growth and a stable ADR, with adjusted EBITDA expected to remain flat or slightly decline compared to the previous year [8][10].