(NASDAQ: ABNB) Unlocking the Potential of AirbnbAirbnb's business is running like clockwork and this is why.
Building a great business like Airbnb (ABNB 6.18%) doesn't happen overnight, but once it gets going, the growth can come almost automatically. For Airbnb, the added benefit is that free cash flow accelerates as the company grows.
Airbnb Gross Booking Top Estimates
Active listings on Airbnb grew 19% in the third quarter from the same period last year, with "double-digit supply growth across all regions and market types," the company said.
Further, the company noted international markets were gaining momentum for booking. Cross-border nights booked grew by 17% in the third quarter compared to a year ago, the company said.
Gross booking value climbed 17% year over year to $18.3 billion, topping estimates of $17.9 billion.
The average daily rate customers pay for a stay — a closely watched metric for investors — climbed 3% year over year to $161, ahead of estimates of $158.
Price Momentum
ABNB is trading in the middle of its 52-week range and below its 200-day simple moving average.
What does It Imply?
Investors are still evaluating the share price, but the stock still appears to have some downward momentum.
