ABNB

Yesterday, I stumbled onto this time-series chart of Adobe and Airbnb’s EV to LTM Gross Profit (GP) multiple. I thought it was quite interesting that they trade at almost the same LTM EV/GP multiple. While Adobe consistently grew gross profit at low double digit rate, Airbnb used to

My first Airbnb Experience can be found here. One of the benefits of living in Sacramento is it’s just two hours driving distance from both San Francisco and Lake Tahoe. You can basically organize a day trip to see mountains, beach, or forest and you only have to pay

Brian Chesky has made quite the uproar in re-launching Airbnb Experiences in the last 6 months. As far as I can tell, almost none of the investors shares remotely the same enthusiasm about experiences as Chesky appears to do. I too was more on the “unenthusiastic” or “indifferent” camp when

Airbnb had a notable acceleration in Gross Booking Value (GBV) growth as it increased from 10.8% in 2Q’25 to 14.3% in 3Q’25. This acceleration was driven by the twin acceleration of both the nights & experience or N&E (from 7% in 2Q’25 to

A programming note: I will publish my Deep Dive on Instacart tomorrow. As a reminder, I only send one email per day; therefore, on the day I publish my Deep Dive on a company, I won’t publish anything else. Airbnb typically releases product updates twice a year (May and

One of the more interesting, gradual shifts that have happened over the last five years in Airbnb is their geographic mix shift. The impact of geographic mix itself is often an underappreciated factor among investors for Airbnb’s recent operating performance. I will share some thoughts on this topic behind