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Brian Chesky highlights from $ABNB Q2 2022
1.Share repurchase program
“In fact, we're so confident in our long-term growth and profitability that today, we're announcing a $2 billion share repurchase program. And this is coming only 1.5 years after our IPO.”
As per the Shareholder Letter, the program will enable the company to offset dilution from employee stock programs.
2.Long-term stays
“We saw long-term stays of 28 days or more remain our fastest-growing category by trip nights compared to 2019. The long-term stays has increased nearly 25% from a year ago. And actually, long-term stays have increased almost 90% since Q2 2019.”
3.Product enhancements – Airbnb Categories, AirCover for guests, I’m Flexible etc.
- Airbnb Categories => “Since launch, listings in the Airbnb Categories have been viewed more than 180 million times.” Since the release of Airbnb Categories, Airbnb has also seen the highest daily number of visitors.
- AirCover for guests => “Since launch, the Net Promoter Score for guests that had an issue with their stay has already improved.”
- I’m Flexible => “I think this is a really big thing that we're going to be focusing on, and we're going to continue to be investing in this product because I think this is a bit of a paradigm shift for how people will travel.”
- Hosts related => “So you're going to see some exciting new product features to recruit the next generation of host later this year.” & “We have 4 million hosts on Airbnb, and I think that millions more can turn to hosting, especially during these economic times. So that, I think, is really priority #1.”
4.Cities and non-urban stays
“But we're also seeing guests returning to cities [47% of gross bookings in Q2 2022] and crossing borders above pre-pandemic levels.”
“We continue to see the strongest supply increases in areas of greatest demand, with nonurban active listings up 50% compared to Q2 2019. But as demand is returning to cities, we're also seeing an increase in total urban supply.”
5.Joe Gebbia
“Last month, Joe announced that he'll be stepping back from this full-time operating role. Joe will continue to serve on the Board of Directors of both Airbnb and Airbnb.org. Airbnb is a founder-led company. So he's going to continue to take a role at Airbnb, and this will be as an adviser to me on future concepts and creative culture.”
You can read the full earnings preview for Q2 2022 in our substack.
stockopine.substack.com
Airbnb - Earnings Review Q2’22
$ABNB reported its Q2’22 results on 2nd August 2022 where it marginally missed revenue guidance ($975k) but has beaten GAAP EPS ($0.56) by $0.13 and non-GAAP EPS ($0.73) by $0.21. Key results Source: Airbnb 10-Q reports, Airbnb Shareholder letters, StockOpine analysis
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