Competitive PressureIntensifying competition from both online and traditional travel service providers, as well as new entrants like Google, adds competitive pressure to Airbnb.
Financial PerformanceAdjusted EBITDA margin is expected to contract by ~600 basis points to 27% due to higher product development and marketing expenses.
Market ValuationValuations seem quite full at 31x P/E, which is a significant premium to the market and OTA rivals like Booking Holdings and Expedia Group.