Skift Take
Bernstein emphasizes a non-standard measure, customer growth rather than room night growth, to assess Airbnb versus rivals. That's because Airbnb has more multi-bedroom properties than it did pre-Covid. That's out-of-the-box thinking.
If you are bearish about Airbnb because its room night growth has slowed considerably and rivals such as Booking.com have narrowed the gap, then your downbeat assessment of Airbnb would be wrong.
That's the message in a Bernstein research note released Friday, which concludes: "Airbnb is not over earning and is well set for future growth."
Bernstein lays out the following bear analysis so it can show why this is the "the wrong conclusion."
A Bearish Airbnb OutlookBears are downbeat on Airbnb — erroneously in Bernstein's opinion — because:
Airbnb's room nights c