TMTB: ABNB SMCI FTNT RDDT CART UPST First takes

ABNB -13%: Looks worse with weak nights +lower Q3 rev/nights/EBITDA guide

9% nights growth misses buyside at 10-11% and stret at 10%
Q3 guided to sequential moderation of in y/y nights growth vs bogeys of “at least stable with q2”

Mgmt also commenting around slowing US demand

ABNB GUIDANCE: Q3
- Guides revenue $3.67B to $3.73B, EST $3.84B
- Guides ADR up modestly Y/Y
- Guides Adj EBITDA similar to Q323 on a nominal basis
- Guides Adj EBITDA margin down relative to Q323
FULL-F/Y GUIDANCE
- Guides Adj EBITDA up on a nominal basis
- Guides Adj EBITDA margin at least 35%
- Guides FCF margin several points above EBITDA margin
RESULTS: Q2
- Revenue $2.75B, +11% y/y, EST $2.74B
- Gross booking value $21.2B, +11% y/y, EST $21.23B
- ADJ EBITDA $894M, +9.2% y/y, EST $862.3M
- ADJ EBITDA margin 33%, EST 31.4%
- EPS $0.86 vs. $0.98 y/y
- Nights and experiences booked 125.1M, +8.7% y/y, EST 126.33M
- Gross booking value per nights and experiences booked $169.53, +2.1% y/y, EST $167.96
- Free cash flow $1.04B, +16% y/…