Airbnb Q4 results beat estimates, co guides Q1 2023 revenue above consensus
Carl Court

Airbnb (NASDAQ:ABNB): Q4 GAAP EPS of $0.48  beats by $0.21.
Revenue of $1.9B (+24.2% Y/Y)  beats by $40M.
Gross booking value of $13.5B (+20% Y/Y).
Nights and experiences booked 88.2M (+20% Y/Y).
Average daily rates (ADR) was $153 in Q4 2022, a 1% fall from Q4 2021. Excluding the impact of foreign exchange, ADR in Q4 2022 increased 5% from Q4 2021. 
ABNB sees Q1 2023 revenue of $1.75B to $1.82B. The consensus revenue estimate is $1.69B.
ABNB sees Q1 2023 adj. EBITDA margin to be slightly down on a Y/Y basis "due to changes in the timing of our brand marketing spend."
Compared to Q1 2022, ABNB expects sales and marketing in Q1 2023 will be about 150 basis points higher as a percent of revenue, but flat as a percent of revenue for the full year.
ABNB sees Q1 2023 nights and experience booked Y/Y growth to be "nearly as strong" as Q4 2022. 
ABNB anticipates slightly lower ADR in Q1 2023 than it had in Q1 2022. For the remainder of the year, ABNB expects ADR will face "increasing downward pressure from mix shift, as well as new and improved pricing and discounting tools." 
Co says 2022 was its first profitable full year on a GAAP basis.
ABNB ended 2022 with 6.6M global active listings, which is over 900K more listings than what ABNB had at the beginning of the year, excluding China.
"Heading into 2023, we see a strong backlog for Q1 with longer lead times for bookings in Q4 2022 compared to a year ago." - ABNB.
Press release
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