Regulatory ChallengesRegulatory developments in Spain could pressure Airbnb's growth by removing more than 65,000 listings that violated licensing rules.
Supply ConstraintsThe supply of Airbnb's services and experiences remains limited, even in key urban markets, which could lead to potential margin pressure.
Traffic And CompetitionRecent data shows global site traffic for Airbnb declined from -1% in 1Q to -3% in April and -5% in May.