Airbnb Q1 results beat estimates, company sees Q2 2023 revenue in-line
Carl Court
Airbnb (NASDAQ:ABNB): Q1 GAAP EPS of $0.18 beats by $0.08.
Revenue of $1.82B (+20.5% Y/Y) beats by $30M.
ABNB says first GAAP profitable Q1 with $117M of net income - a $136M improvement from Q1 2022.
Gross booking value of $20.4B (+19% Y/Y).
Nights and experiences booked of 121.1M (+19% Y/Y).
Adj. EBITDA of $262M vs. $229M in Q1 2022.
Free cash flow of $1.6B (+32% Y/Y).
In Q1, total active listings grew 18% compared to the same prior year period, up from 16% in Q4 2022.
Average daily rates (ADR) was $168 in Q1 2023, flat compared to Q1 2022.
Board approved a new share repurchase authorization of up to $2.5B of class A common stock.
Outlook:
Sees Q2 revenue of $2.35B to $2.45B vs. consensus of $2.42B. 
ABNB expects Y/Y growth in nights and experiences booked in Q2 to be lower than its revenue growth during the quarter.
ABNB anticipates a slightly lower ADR in Q2 2023 than Q2 2022.
In Q2 2023, company expects adj. EBITDA to be similar to adj. EBITDA in Q2 2022 on a nominal basis, but lower on a margin basis.
Company continues to anticipate a FY 2023 adj. EBITDA margin that is broadly in-line with FY 2022.
Press release