Q3 results are in for proptech’s public companies. We’re back at it, with high-level summaries of the ten companies we deem as the most important players in the broader category. We also included a table covering the top 27 companies in our wrap-up. Results were a mixed bag, with eleven of the 27 returning positive net income and Airbnb as the runaway success.

  • Airbnb
  • Blend Labs
  • Compass
  • CoStar
  • eXp World Holdings
  • NewsCorp / Realtor.com
  • Opendoor
  • ProCore
  • Redfin
  • Zillow

Plus, a table view covering the top twenty eight companies, including:

  • Angie’s List
  • AppFolio
  • Invitation Homes
  • Nextdoor
  • Matterport
  • Offerpad
  • Porch
  • Real Brokerage
  • SmartRent
  • Vacasa

Without further ado, let’s get to it.

Note: All market cap figures are taken end of day, November 19th, 2024.

COMPANY SNAPSHOTS

Here’s what you can expect in the report, with our coverage of Airbnb…

Hit the top-end of their guidance revenue, Airbnb generated $3.732B off $20.1B in gross bookings, both 10% YoY increases. Net income dropped 68.7% YoY, decreasing by $3.006 billion to $1.368 billion this quarter, impacted by a $3.062 billion YoY increase in taxes. Average daily rate increased 1% YoY to $163.64 across the 122.8M nights and experiences booked for the quarter, an increase of 8% YoY.

Market Cap: $83.58B

Notable Takeaways:

  • Adjusted EBITDA was $2B, an increase of 7% YoY, while adjusted EBITDA margin fell 2% on a YoY basis to 52%.
  • Take rate (revenue/gbv) of 18.6% was flat YoY.
  • Repurchased $1.1B Class A common stock, with total trailing twelve month share repurchases totaling $3.3B.
  • Nights booked with Superhosts increased by 21% YoY. Host cancellation rates decreased roughly 30% YoY.
  • ❇️Launched Co-Hosts Network❇️ a tool to help Airbnb hosts manage listings, guest communications, and maintenance, with 10,000 co-hosts at launch and 20,000 more interested within the first three weeks.
  • Q4 revenue guidance is set between $2.39B and $3.44B, representing 2% YoY growth, significantly lower than the forecasted Q4 FY23 growth rate of 12-14%.
  • Stopped reporting supply growth changes in its earnings letters as it begins removing low-quality listings. Over the past year, more than 300,000 properties have been removed to improve overall quality and reduce customer service costs. In the Q&A, CFO Ellie Mertz noted that supply growth increased by roughly 10%, outpacing demand growth, although total supply growth decreased slightly YoY.
  • Brian Chesky highlighted the contrasting approaches of Paris and New York toward Airbnb. For the 2024 Olympics, Paris welcomed Airbnb, boosting listings by 50%, an additional 50,000 properties, in preparation for the event. Meanwhile, New York banned Airbnb in September 2023, in response to the housing affordability crisis. This ban provided a one-year case study on economic impacts: rents increased by 3.5%, and hotel prices rose by 7%.

Learn More: Inman // PhocusWire // Shareholders Letter  // CNBC // Earnings Transcript

There are nine more company summaries in the link below, plus a wrap-up that includes the full table view of twenty seven companies.

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