Airbnb (ABNB) is likely to meet or even beat Q4 estimates as travel data points to strong bookings in November and December and with marketing savings also providing support, BofA Securities said Monday in an earnings preview.
With Q4 average daily rate now seen at $155, up from the previous estimate of $154, BofA expects bookings and revenue for the quarter at $15.4 billion and $2.18 billion, respectively, compared with street forecasts of $15.1 billion and $2.16 billion.
The brokerage projects Q4 EBITDA at $651 million, compared with consensus of $645 million.
For the current quarter, BofA forecasts bookings and revenue of $23.2 billion and $2.08 billion, respectively, compared with street estimates of $22.9 billion and $2.06 billion.
BofA now expects full-year 2024 revenue and EBITDA at $11.4 billion and $4.2 billion, respectively, up from its previous forecasts of $11.1 billion and $4.06 billion.
But despite Airbnb’s potential upside from high take-rates, BofA is maintaining its neutral rating with price objective of $155, citing a potential slowdown in international travel and high valuation.