TMTB: EXPE SNDK ABNB TTWO First Takes

EXPE +14%: Very strong print showing travel demand very much alive, defying some consumer fears

Revenue $4.41B vs. Street $4.28B, driven by broad-based strength across B2C and B2B.
Gross Bookings (GBs) $30.7B vs. Street $24.5B, +12% y/y, led by B2B +26% and B2C +7%.
RNG +11%, the fastest U.S. growth in three years, with international trends also strong.
Adj. EBITDA $1.45B vs. Street $1.35B.
EPS $7.57 vs. Street $2.91, a massive beat reflecting strong leverage and cost control.

Q4 Guidance: GBs/Revs +6–8% y/y; Adj. EBITDA margin +200 bps y/y

Full-Year Outlook (Raised): Revenue +6–7% (prior 3–5%); GBs +7% (prior 3–5%); Adj. EBITDA margin expansion +200 bps (prior +100 bps)

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SNDK +8%: Huge beat vs. very high expectations

Good enough to keep memory bulls happy…