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Research Alert: Abnb: Q1 Revenue And Ebitda Beat Estimates; Full-year Revenue Outlook Raised

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-- CFRA, an independent research provider, has providedwith the following research alert. Analysts at CFRA have summarized their opinion as follows:

Q1 revenue of $2.68B (+18% Y/Y) beat $2.62B consensus, while EBITDA of $519M (+24% Y/Y) exceeded $484M estimates with 100bps margin expansion to 19%. EPS of $0.26 missed $0.31 consensus due to one-time $70M deferred tax adjustment and elevated stock compensation, not operational weakness. The guidance raise to low-to-mid-teens revenue growth with 35%+ EBITDA margin signals improving fundamentals. Management sees take rate expansion from fee structure simplification to 15.5% single service fee and growing insurance adoption. Nights and Seats Booked grew 9% to 156.2M with underlying growth closer to 10% absent Middle East conflict drag, while app bookings surged 22%. Q2 guidance of $3.54B-$3.60B (+14%-16% Y/Y) implies modest deceleration but constructive setup remains. In our view, accelerating top-line growth, expanding take rates, and improving operating leverage support the premium multiple, with the EPS miss a non-recurring distraction.

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