+ Consumer travel demand remained strong. In 1Q23, revenue grew 20% YoY to US$1.8bn despite 4% FX headwinds, implying 24% YoY growth on a constant currency basis. The significant growth was driven by record booking volumes and stable average daily rates (ADRs) of US$168. The number of nights and experiences booked jumped 19% YoY to 121.1mn driven by growth in cross-border trips (up 36% YoY) and urban nights booked (up 20% YoY). Long-term stays (28 days or more) accounted for 18% of total booking volumes driven by the flexibility granted by remote work.
+ Supply continued to accelerate. Total active listings on the platform increased by 18% YoY to an implied 7.6mn. Both urban and non-urban supply increased by 18% YoY. The supply growth is mainly due to continued product innovation to attract new hosts (Airbnb Setup, Ask a Superhost, and insurance and better tools for hosts) and more people turning to hosting to earn extra income.
– Soft 2Q23e revenue guidance due to tough comparisons. For 2Q23e, Airbnb anticipates total revenue to be in the range of US$2.35bn to US$2.45bn (up 12-16% YoY). The slowing revenue growth is mainly because of tough comparisons following the Omicron-fueled pent-up demand seen in 2Q22 and as well as lower average daily rates (ADRs) due to the business mix shift towards urban and APAC regions.