Q2 2024 Airbnb Inc Earnings Call Transcript
Key Points
- Airbnb Inc (ABNB) reported a strong Q2 with 125 million nights and experiences booked, and an 11% year-over-year revenue increase to $2.75 billion.
- Net income was $555 million, representing a net income margin of 20%, and the company generated $1 billion of free cash flow.
- Airbnb Inc (ABNB) surpassed 8 million active listings, driven by growth across all regions and market types.
- The company has made significant progress in improving the quality of listings, removing over 200,000 low-quality listings since April of last year.
- Airbnb Inc (ABNB) is expanding beyond its core business, with new initiatives like Airbnb icons and a co-hosting marketplace set to launch in October.
- The company is experiencing shorter booking lead times, particularly in North America, which could impact future revenue.
- There are signs of slowing demand from U.S. guests, which has been factored into the Q3 outlook.
- Regulatory changes in California have created headwinds for the business, particularly affecting the California market.
- Long-term stays have grown more slowly than short-term stays, which has been a drag on overall growth, especially in North America.
- Despite the strong performance, there are concerns about the sustainability of ADR (Average Daily Rate) growth, especially as the company expands into lower ADR regions like Latin America and Asia-Pacific.
Ladies and gentlemen, good afternoon, and thank you for joining Airbnb's earning conference call for the second quarter of 2024. As a reminder, this conference call is being recorded and will be available for replay from the relations section of Airbnb's website following this call.
I will now hand the call over to Angela Yang, Director of Investor Relations. Please go ahead.
Good afternoon, and welcome to Airbnb's second quarter of 2024 earnings call. Thank you for joining us today. On the call today, we have Airbnb's Co-Founder and CEO, Brian Chesky; and our Chief Financial Officer, Ellie Mertz. Earlier today, we issued a shareholder letter with our financial results and commentary for our second quarter of 2024. These items were also posted on the Investor Relations section of Airbnb's website. During the call, we will make brief opening remarks and then spend the remainder of time on Q&A.
Before I turn it over to Brian, I would like to remind everyone that we will be making forward-looking statements
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