What Changed In Airbnb's Story?

Airbnb (ABNB) stock trades at 38.6 times earnings, against 22.9 for the S&P 500. Shareholders paying that much need to know what they are buying, but there is a twist: what management talks up on its calls has changed. During the fiscal Q3 2024 call, management said it was focused on making hosting just as popular as traveling on Airbnb, which means getting more people to rent out their homes. On the latest call, management made the case for something else. So what is it.