Topic

ABNB

A collection of 15 issues

Airbnb 3Q'25 Update

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

Airbnb's bet on anti-trend

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

Airbnb's mix shift

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

First impression of Meta Ray-Ban Display, Taking a big swing at Airbnb

Yesterday, I drove for 40 minutes to go to a Best Buy store where I scheduled my demo for Meta Ray-Ban Display glasses. When I reached there, I could see that Best Buy had a prominently displayed corner for Meta Ray-Ban. I saw a guy who missed their demo on

Airbnb Model Update

I first published my Deep Dive on Airbnb three years ago. The stock has been largely flat since then whereas its closest peer Booking’s stock price tripled during the same time. Now that I have started buying Airbnb stock this year, I thought about updating the model and then

Airbnb's Evolution

How does Airbnb make money? Let’s go through an illustrative example first assuming an individual host lists their home at $100 per night. If a host lists their home at $100/night, Airbnb charges the host ~$3 to cover the payment processing costs; hence, the host receives $97 for

My Experience on Airbnb Experience

A few months ago, Airbnb has made a big splash about re-launching “Airbnb Experience”. While I stayed at 17 different Airbnb homes over the last 7 years, I have never booked an Airbnb Experience before. So a few days ago, I went to the Airbnb app and looked for experiences

How people use ChatGPT and its implications, Portfolio Change

There was a lot of chatter about an NBER working paper “How People Use ChatGPT” yesterday. Unlike most survey work or academic paper looking into this question, what differentiates this paper is it is written by people at OpenAI. As you can imagine, there is a treasure trove of interesting

Airbnb's untapped monetization lever(s)

Brian Chesky had an interesting session at GS Communicopia last week which made me think Airbnb has quite a few untapped levers of monetization. While it’s unlikely that they will tap all these levers anytime soon, I think it’s worth thinking through these potential monetization pathways which can

Airbnb's unique demand driver

Traditional travel accommodation is still quite search driven. You go to Google or an OTA website/app and insert some details from the dropdown menu (destination, travel dates, number of guests, budget etc.) to pick your accommodation. But ever since going public, Brian Chesky has been highlighting that they would