Airbnb (NASDAQ:ABNB) rose 3.82% on Monday, ahead of its fourth quarter results on February 13th, after market close, where investors would eye 2024 projections amid an expected moderation in travel demand.
The San Francisco-based company is expected to post an EPS of $0.70 and a revenue of $2.16B (+13.7% Y/Y).
“I believe 2024 will prove to be a year in which the travel industry will get closer to more normalized growth following a year of exponential growth, which may deter investors from investing in ABNB,” said SA Analyst Dilantha De Silva who downgraded the stock to Hold ahead of the earnings.
Silva added that ABNB would report “strong growth” in revenue and earnings, and said he would be paying close attention to data points like bookings growth, Average daily rates, and cost control measures to gauge what 2024 holds for ABNB.
Even as Airbnb topped estimates in the third quarter, the company’s stock slipped as investors focussed on the cautious tone on demand for Q4, as tourists held their wallets tight amid an uncertain economy and higher costs.
Airbnb warned that economic volatility is dampening travel demand in Q4. Airbnb (ABNB) also said it sees night booked growth in Q4 moderating relative to the Q3 pace.
In December, Wedbush Securities had commented that demand for international leisure travel would slow and comparisons to 2023 would be challenging.
Subsequently, the average daily rate, or ADR, would slow in most regions and negatively impact Airbnb (ABNB), Booking, and Expedia (EXPE).
Over the last three months, EPS estimates have seen seven upward revision and six downward. Revenue estimates have seen nine upward revisions and two downward.
Airbnb Q4 results preview: 2024 outlook in focus amid expected moderation in travel demand
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