Airbnb Stock Down On Q3 Earnings: 'Building On Robust Momentum In September, We Are Off To A Great Start In Q4'

Airbnb Inc ABNB reported third-quarter financial results Thursday after the bell. Here’s a rundown of the report.

Q3 Earnings: Airbnb reported third-quarter revenue of $3.70 billion, missing the consensus estimate of $3.72 billion. The company reported third-quarter earnings of $2.13 per share, missing analyst estimates of $2.16 per share, according to Benzinga Pro.

Total revenue was up 10% year-over-year. Gross booking value totaled $20.1 billion, up 10% year-over-year. Nights and Experiences booked came in at $122.8 million, up 8% year-over-year.

Airbnb said it generated $1.1 billion of free cash flow during the quarter. The company ended the quarter with $11.3 billion in cash, cash equivalents, short-term investments and restricted cash.

“Airbnb had a strong Q3. Nights and Experiences Booked accelerated throughout the quarter and into Q4, despite a softer start due to shorter booking lead times compared to 2023,” the company said in a letter to shareholders.

“Building on robust momentum in September, we are off to a great start in fourth quarter 2024. We are seeing strong demand trends in Q4 2024 across core and expansion markets for both long and short lead times.”

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Outlook: Airbnb expects fourth-quarter revenue to be in the range of $2.39 billion to $2.44 billion. The company expects Nights and Experiences booked in the fourth quarter to be higher than in the third quarter.

Airbnb anticipates full-year 2024 adjusted EBITDA margin of approximately 35.5% The company expects full-year free cash margin to be “several points above” adjusted EBITDA margins.

Airbnb executives will discuss the company’s quarterly results on a call with analysts and investors at 4:30 p.m. ET.

ABNB Price Action: Airbnb shares were down 2.08% in after-hours, trading at $142.50 at the time of publication Thursday, according to Benzinga Pro.

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