Airbnb Inc Ordinary Shares - Class A

ABNB: XNAS (USA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	$625.00	Gghsbz	Bshvnrtxd

Airbnb Earnings: Shares Drop 10% on Unwarranted Near-Term Profit and Demand Concerns

Dan Wasiolek

May 10, 2023

Narrow-moat Airbnb shares fell more than 10% after hours as 14% second-quarter sales growth guidance (at the midpoint) came below FactSet consensus expectations of 15% (our estimate was 14%), and the company mentioned near-term elevated marketing investment. We see neither of these as a reason to lower our forecast or $127 per share fair value estimate, leaving shares slightly undervalued.

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