Competitive PressureGrowth in the US is trailing major online travel competitors, which may limit market share gains in the alternative accommodations category.
Growth Trajectory UncertaintyUncertainty persists on whether new initiatives like services, experiences and hotels will materially improve the company’s overall growth trajectory, which may sustain investor caution.
Margin Pressure From InvestmentsContinued investment behind services, experiences and hotel initiatives is likely to constrain margin expansion and heighten profitability risk while spending scales.