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2021-05-18

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Airbnb Is Down More Than 30% from Its Peak: Is It a Buy Now?<blockquote>爱彼迎较峰值下跌逾30%：现在值得买入吗？</blockquote>

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{"i18n":{"language":"zh_CN"},"detailType":1,"isChannel":false,"data":{"magic":2,"id":194191107,"tweetId":"194191107","gmtCreate":1621346589509,"gmtModify":1634192264208,"author":{"id":3583661474531534,"idStr":"3583661474531534","authorId":3583661474531534,"authorIdStr":"3583661474531534","name":"Nonono96","avatar":"https://static.tigerbbs.com/d3f1e07887a48ed5ccde10009a6e0acf","vip":1,"userType":1,"introduction":"","boolIsFan":false,"boolIsHead":false,"crmLevel":11,"crmLevelSwitch":0,"individualDisplayBadges":[],"fanSize":0,"starInvestorFlag":false},"themes":[],"images":[],"coverImages":[],"extraTitle":"","html":"<html><head></head><body>Hmmm</body></html>","htmlText":"<html><head></head><body>Hmmm</body></html>","text":"Hmmm","highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"favoriteSize":0,"link":"https://laohu8.com/post/194191107","repostId":1143893202,"repostType":4,"repost":{"id":"1143893202","kind":"news","pubTimestamp":1621345993,"share":"https://www.laohu8.com/m/news/1143893202?lang=zh_CN&edition=full","pubTime":"2021-05-18 21:53","market":"us","language":"en","title":"Airbnb Is Down More Than 30% from Its Peak: Is It a Buy Now?<blockquote>爱彼迎较峰值下跌逾30%：现在值得买入吗？</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1143893202","media":"Motley Fool","summary":"Airbnb is well-positioned to be a post-pandemic winner.\nAs a poster child of the sharing economy,Air","content":"Airbnb is well-positioned to be a post-pandemic winner.<blockquote>爱彼迎完全有能力成为大流行后的赢家。</blockquote> As a poster child of the&nbsp;sharing economy,Airbnb&nbsp;(NASDAQ:ABNB)&nbsp;has always been a Silicon Valley darling. With high-profile backers&nbsp;like Andreessen Horowitz&nbsp;and Tiger Global Management, Airbnb became one of the world's&nbsp;most valuable&nbsp;start-ups just seven years after its founding.<blockquote>作为共享经济的典型代表，爱彼迎（纳斯达克：ABNB）一直是硅谷的宠儿。凭借Andreessen Horowitz和Tiger Global Management等知名支持者，爱彼迎在成立仅七年后就成为全球最有价值的初创企业之一。</blockquote> So it was no surprise when Airbnb made&nbsp;a monster market debut&nbsp;last year even as other travel players struggled to survive the pandemic. Airbnb shares hit $220 in February, more than triple its listing price.<blockquote>因此，当爱彼迎去年在市场上首次亮相时，就不足为奇了，尽管其他旅游公司都在努力在疫情生存。爱彼迎股价在2月份达到220美元，是其上市价格的三倍多。</blockquote> But since then, Airbnb shares have shed 40%. The stock now trades at $131, the lowest since December 2020. Like many high-risk, high-reward stocks, Airbnb has&nbsp;fallen out of favor&nbsp;among value-oriented investors. But for the stock's&nbsp;many fans, is this a chance to&nbsp;buy the dip? Let's find out.<blockquote>但自那以来，爱彼迎股价已下跌40%。该股目前交易价格为131美元，为2020年12月以来的最低水平。与许多高风险、高回报的股票一样，爱彼迎已经在价值导向型投资者中失宠。但对于该股的众多粉丝来说，这是逢低买入的机会吗？让我们一探究竟。</blockquote> <img src=\"https://static.tigerbbs.com/38a08cf47cca95c9f3a495bd18064147\" tg-width=\"2000\" tg-height=\"1333\">IMAGE SOURCE: GETTY IMAGES.<blockquote>图片来源：盖蒂图片社。</blockquote> The bull case<blockquote>牛市案例</blockquote> The pandemic has been bad for businesses everywhere. But it's been especially difficult for companies relying on people leaving their homes.&nbsp;According to the World Travel &amp; Tourism Council, the travel industry suffered a $4.5 trillion loss last year due to COVID.<blockquote>疫情对各地的企业都不利。但对于依赖人们离开家园的公司来说，这尤其困难。据《世界旅游业理事会》报道，去年旅游业因新冠疫情损失了4.5万亿美元。</blockquote> At first, Airbnb looked more vulnerable than ever. Lockdowns slammed the brakes on bookings, which plunged 72% year over year in April 2020. At the height of the pandemic, Airbnb had to raise emergency cash and slashed a quarter of its staff. These actions proved decisive, helping Airbnb bounce back from what CEO Brian Chesky called the \"most harrowing crisis of our lifetime.\" Airbnb ended the year with $3.4 billion in revenue, down 30% year over year. That was pretty good -- considering Airbnb had expected revenue to more than half in 2020.<blockquote>起初，爱彼迎看起来比以往任何时候都更加脆弱。封锁给预订量踩了刹车，2020年4月预订量同比下降72%。在疫情最严重的时候，爱彼迎不得不筹集紧急现金并裁员四分之一。事实证明，这些行动是决定性的，帮助爱彼迎从首席执行官Brian Chesky所说的“我们一生中最痛苦的危机”中恢复过来。爱彼迎年底营收为34亿美元，同比下降30%。考虑到爱彼迎预计2020年收入将超过一半，这已经相当不错了。</blockquote> In the first quarter of 2021, revenue rose 5% year over year to $887 million, handilybeating Wall Street expectations. Airbnb attributed this to a 35% increase in overall average daily rates, as most of its bookings were in the United States (which tends to have higher daily rates). The company also experienced fewer cancellations than in the year-ago quarter.<blockquote>2021年第一季度，收入同比增长5%至8.87亿美元，轻松超出华尔街预期。爱彼迎将此归因于整体平均每日房价上涨了35%，因为其大部分预订都在美国（美国的每日房价往往更高）。该公司的取消订单也比去年同期有所减少。</blockquote> As restrictions get lifted and vaccinations roll out, Airbnb expects a \"significant travel rebound\" in 2021. New Airbnb use cases that emerged during the pandemic -- such asremote work-- also look here to stay. In the long run, Airbnb has plenty of room to grow. Despite being a household name in the global travel industry, it's captured less than 1% of its total addressable market.<blockquote>随着限制的解除和疫苗接种的推广，爱彼迎预计2021年将出现“旅行大幅反弹”。大流行期间出现的新爱彼迎用例（例如远程工作）也将继续存在。从长远来看，爱彼迎有很大的增长空间。尽管在全球旅游业中是一个家喻户晓的名字，但它只占据了不到1%的潜在市场总量。</blockquote> All told, Airbnb has what it takes to be apost-pandemic winner. But this doesn't mean investors should rush in just yet.<blockquote>总而言之，爱彼迎具备成为后疫情时代赢家的条件。但这并不意味着投资者应该立即涌入。</blockquote> The bear case<blockquote>熊案</blockquote> The reality is that the pandemic is far from over. In the U.S., there are still tens of thousands of new cases every day. Although there's a clear trend of declining new cases since vaccinations got under way, we are still months away from reachingherd immunity-- if at all.<blockquote>现实是，疫情远未结束。在美国，每天仍有数万例新病例。尽管自疫苗接种开始以来，新增病例有明显下降的趋势，但我们距离实现群体免疫（如果有的话）还有几个月的时间。</blockquote> Herd immunity is the idea that if 60% to 70% of the population gains immunity to COVID-19, we can stop the virus in its tracks. According toNaturemagazine, some experts believe we may never hit the herd immunity threshold. And even if we do, there's the risk thatdeadlier new mutations may emerge, or that the vaccine loses its efficacy.<blockquote>群体免疫是指如果60%到70%的人口获得对新冠肺炎的免疫力，我们就可以阻止病毒的传播。根据自然杂志，一些专家认为我们可能永远不会达到群体免疫阈值。即使我们这样做了，也有可能出现更致命的新突变，或者疫苗失去效力。</blockquote> In other words, COVID-19may not be goingaway anytime soon. And that's not good news for the economy or the travel industry.<blockquote>换句话说，COVID-19可能不会很快消失。这对经济或旅游业来说都不是好消息。</blockquote> While the virus is under control in the U.S., it has reemerged in many countries. New daily cases in India are at an all-time high, and many countries have yet to vaccinate even 1% of their populations. International travel will likely be restricted until most countries reach herd immunity -- a process that could take years. So even if domestic travel recovers, global travel could be subdued for a long time.<blockquote>虽然该病毒在美国得到控制，但它在许多国家重新出现。印度每日新增病例创历史新高，许多国家甚至还没有为1%的人口接种疫苗。在大多数国家实现群体免疫之前，国际旅行可能会受到限制——这一过程可能需要数年时间。因此，即使国内旅行复苏，全球旅行也可能在很长一段时间内受到抑制。</blockquote> What does all this mean for Airbnb? For one, it might be years before Airbnb returns to high, double-digit growth. And that's a concern because the stock has always been seen as a hyper-growth tech play. Even after its recent decline, Airbnb trades at 25 times 2020 revenue.Booking Holdings&nbsp;(NASDAQ:BKNG)-- Airbnb's biggest rival -- trades at 16 times sales. At this valuation, Airbnb looks even pricier than&nbsp;PalantirTechnologies, a hyper-growth stock that grew revenue by47% in 2020.<blockquote>这一切对爱彼迎意味着什么？首先，爱彼迎可能需要数年时间才能恢复两位数的高速增长。这是一个令人担忧的问题，因为该股一直被视为高速增长的科技股。即使在最近下跌之后，爱彼迎的股价仍是2020年收入的25倍。预订控股（纳斯达克：BKNG）——Airbnb最大的竞争对手——的交易价格是销售额的16倍。按照这个估值，爱彼迎看起来甚至比Palantir技术是一只高速增长的股票，2020年收入增长了47%。</blockquote> Clearly, the market hopes Airbnb will eventually fulfill its grand ambitions. But if it fails to deliver high growth in the short- and medium-term, investors could lose their patience.<blockquote>显然，市场希望爱彼迎最终实现其宏伟抱负。但如果它未能在中短期内实现高增长，投资者可能会失去耐心。</blockquote> Is Airbnb a buy now?<blockquote>爱彼迎现在值得买入吗？</blockquote> There's much to like about Airbnb. Its business model has proven to be resilient, even during the pandemic. Beyond bed-and-breakfast, Airbnb has thepotential to disruptthe entire travel industry.<blockquote>爱彼迎有很多让人喜欢的地方。事实证明，即使在大流行期间，其商业模式也具有弹性。除了住宿加早餐之外，爱彼迎还有可能颠覆整个旅游业。</blockquote> But its sky-high valuation is a deal-breaker. Until Airbnb starts trading at a more reasonable price, I'll be staying away from this stock.<blockquote>但其天价估值却是一个交易破坏者。在爱彼迎开始以更合理的价格交易之前，我将远离这只股票。</blockquote>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Airbnb Is Down More Than 30% from Its Peak: Is It a Buy Now?<blockquote>爱彼迎较峰值下跌逾30%：现在值得买入吗？</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nAirbnb Is Down More Than 30% from Its Peak: Is It a Buy Now?<blockquote>爱彼迎较峰值下跌逾30%：现在值得买入吗？</blockquote>\n</h2>\n<h4 class=\"meta\">\n\nMotley Fool2021-05-18 21:53\n\n</h4>\n</header>\n<article>\nAirbnb is well-positioned to be a post-pandemic winner.<blockquote>爱彼迎完全有能力成为大流行后的赢家。</blockquote> As a poster child of the&nbsp;sharing economy,Airbnb&nbsp;(NASDAQ:ABNB)&nbsp;has always been a Silicon Valley darling. With high-profile backers&nbsp;like Andreessen Horowitz&nbsp;and Tiger Global Management, Airbnb became one of the world's&nbsp;most valuable&nbsp;start-ups just seven years after its founding.<blockquote>作为共享经济的典型代表，爱彼迎（纳斯达克：ABNB）一直是硅谷的宠儿。凭借Andreessen Horowitz和Tiger Global Management等知名支持者，爱彼迎在成立仅七年后就成为全球最有价值的初创企业之一。</blockquote> So it was no surprise when Airbnb made&nbsp;a monster market debut&nbsp;last year even as other travel players struggled to survive the pandemic. Airbnb shares hit $220 in February, more than triple its listing price.<blockquote>因此，当爱彼迎去年在市场上首次亮相时，就不足为奇了，尽管其他旅游公司都在努力在疫情生存。爱彼迎股价在2月份达到220美元，是其上市价格的三倍多。</blockquote> But since then, Airbnb shares have shed 40%. The stock now trades at $131, the lowest since December 2020. Like many high-risk, high-reward stocks, Airbnb has&nbsp;fallen out of favor&nbsp;among value-oriented investors. But for the stock's&nbsp;many fans, is this a chance to&nbsp;buy the dip? Let's find out.<blockquote>但自那以来，爱彼迎股价已下跌40%。该股目前交易价格为131美元，为2020年12月以来的最低水平。与许多高风险、高回报的股票一样，爱彼迎已经在价值导向型投资者中失宠。但对于该股的众多粉丝来说，这是逢低买入的机会吗？让我们一探究竟。</blockquote> <img src=\"https://static.tigerbbs.com/38a08cf47cca95c9f3a495bd18064147\" tg-width=\"2000\" tg-height=\"1333\">IMAGE SOURCE: GETTY IMAGES.<blockquote>图片来源：盖蒂图片社。</blockquote> The bull case<blockquote>牛市案例</blockquote> The pandemic has been bad for businesses everywhere. But it's been especially difficult for companies relying on people leaving their homes.&nbsp;According to the World Travel &amp; Tourism Council, the travel industry suffered a $4.5 trillion loss last year due to COVID.<blockquote>疫情对各地的企业都不利。但对于依赖人们离开家园的公司来说，这尤其困难。据《世界旅游业理事会》报道，去年旅游业因新冠疫情损失了4.5万亿美元。</blockquote> At first, Airbnb looked more vulnerable than ever. Lockdowns slammed the brakes on bookings, which plunged 72% year over year in April 2020. At the height of the pandemic, Airbnb had to raise emergency cash and slashed a quarter of its staff. These actions proved decisive, helping Airbnb bounce back from what CEO Brian Chesky called the \"most harrowing crisis of our lifetime.\" Airbnb ended the year with $3.4 billion in revenue, down 30% year over year. That was pretty good -- considering Airbnb had expected revenue to more than half in 2020.<blockquote>起初，爱彼迎看起来比以往任何时候都更加脆弱。封锁给预订量踩了刹车，2020年4月预订量同比下降72%。在疫情最严重的时候，爱彼迎不得不筹集紧急现金并裁员四分之一。事实证明，这些行动是决定性的，帮助爱彼迎从首席执行官Brian Chesky所说的“我们一生中最痛苦的危机”中恢复过来。爱彼迎年底营收为34亿美元，同比下降30%。考虑到爱彼迎预计2020年收入将超过一半，这已经相当不错了。</blockquote> In the first quarter of 2021, revenue rose 5% year over year to $887 million, handilybeating Wall Street expectations. Airbnb attributed this to a 35% increase in overall average daily rates, as most of its bookings were in the United States (which tends to have higher daily rates). The company also experienced fewer cancellations than in the year-ago quarter.<blockquote>2021年第一季度，收入同比增长5%至8.87亿美元，轻松超出华尔街预期。爱彼迎将此归因于整体平均每日房价上涨了35%，因为其大部分预订都在美国（美国的每日房价往往更高）。该公司的取消订单也比去年同期有所减少。</blockquote> As restrictions get lifted and vaccinations roll out, Airbnb expects a \"significant travel rebound\" in 2021. New Airbnb use cases that emerged during the pandemic -- such asremote work-- also look here to stay. In the long run, Airbnb has plenty of room to grow. Despite being a household name in the global travel industry, it's captured less than 1% of its total addressable market.<blockquote>随着限制的解除和疫苗接种的推广，爱彼迎预计2021年将出现“旅行大幅反弹”。大流行期间出现的新爱彼迎用例（例如远程工作）也将继续存在。从长远来看，爱彼迎有很大的增长空间。尽管在全球旅游业中是一个家喻户晓的名字，但它只占据了不到1%的潜在市场总量。</blockquote> All told, Airbnb has what it takes to be apost-pandemic winner. But this doesn't mean investors should rush in just yet.<blockquote>总而言之，爱彼迎具备成为后疫情时代赢家的条件。但这并不意味着投资者应该立即涌入。</blockquote> The bear case<blockquote>熊案</blockquote> The reality is that the pandemic is far from over. In the U.S., there are still tens of thousands of new cases every day. Although there's a clear trend of declining new cases since vaccinations got under way, we are still months away from reachingherd immunity-- if at all.<blockquote>现实是，疫情远未结束。在美国，每天仍有数万例新病例。尽管自疫苗接种开始以来，新增病例有明显下降的趋势，但我们距离实现群体免疫（如果有的话）还有几个月的时间。</blockquote> Herd immunity is the idea that if 60% to 70% of the population gains immunity to COVID-19, we can stop the virus in its tracks. According toNaturemagazine, some experts believe we may never hit the herd immunity threshold. And even if we do, there's the risk thatdeadlier new mutations may emerge, or that the vaccine loses its efficacy.<blockquote>群体免疫是指如果60%到70%的人口获得对新冠肺炎的免疫力，我们就可以阻止病毒的传播。根据自然杂志，一些专家认为我们可能永远不会达到群体免疫阈值。即使我们这样做了，也有可能出现更致命的新突变，或者疫苗失去效力。</blockquote> In other words, COVID-19may not be goingaway anytime soon. And that's not good news for the economy or the travel industry.<blockquote>换句话说，COVID-19可能不会很快消失。这对经济或旅游业来说都不是好消息。</blockquote> While the virus is under control in the U.S., it has reemerged in many countries. New daily cases in India are at an all-time high, and many countries have yet to vaccinate even 1% of their populations. International travel will likely be restricted until most countries reach herd immunity -- a process that could take years. So even if domestic travel recovers, global travel could be subdued for a long time.<blockquote>虽然该病毒在美国得到控制，但它在许多国家重新出现。印度每日新增病例创历史新高，许多国家甚至还没有为1%的人口接种疫苗。在大多数国家实现群体免疫之前，国际旅行可能会受到限制——这一过程可能需要数年时间。因此，即使国内旅行复苏，全球旅行也可能在很长一段时间内受到抑制。</blockquote> What does all this mean for Airbnb? For one, it might be years before Airbnb returns to high, double-digit growth. And that's a concern because the stock has always been seen as a hyper-growth tech play. Even after its recent decline, Airbnb trades at 25 times 2020 revenue.Booking Holdings&nbsp;(NASDAQ:BKNG)-- Airbnb's biggest rival -- trades at 16 times sales. At this valuation, Airbnb looks even pricier than&nbsp;PalantirTechnologies, a hyper-growth stock that grew revenue by47% in 2020.<blockquote>这一切对爱彼迎意味着什么？首先，爱彼迎可能需要数年时间才能恢复两位数的高速增长。这是一个令人担忧的问题，因为该股一直被视为高速增长的科技股。即使在最近下跌之后，爱彼迎的股价仍是2020年收入的25倍。预订控股（纳斯达克：BKNG）——Airbnb最大的竞争对手——的交易价格是销售额的16倍。按照这个估值，爱彼迎看起来甚至比Palantir技术是一只高速增长的股票，2020年收入增长了47%。</blockquote> Clearly, the market hopes Airbnb will eventually fulfill its grand ambitions. But if it fails to deliver high growth in the short- and medium-term, investors could lose their patience.<blockquote>显然，市场希望爱彼迎最终实现其宏伟抱负。但如果它未能在中短期内实现高增长，投资者可能会失去耐心。</blockquote> Is Airbnb a buy now?<blockquote>爱彼迎现在值得买入吗？</blockquote> There's much to like about Airbnb. Its business model has proven to be resilient, even during the pandemic. Beyond bed-and-breakfast, Airbnb has thepotential to disruptthe entire travel industry.<blockquote>爱彼迎有很多让人喜欢的地方。事实证明，即使在大流行期间，其商业模式也具有弹性。除了住宿加早餐之外，爱彼迎还有可能颠覆整个旅游业。</blockquote> But its sky-high valuation is a deal-breaker. Until Airbnb starts trading at a more reasonable price, I'll be staying away from this stock.<blockquote>但其天价估值却是一个交易破坏者。在爱彼迎开始以更合理的价格交易之前，我将远离这只股票。</blockquote>\n<div class=\"bt-text\">\n\n\n 来源：<a href=\"https://www.fool.com/investing/2021/05/18/airbnb-is-down-more-than-30-from-its-peak-is-it-a/\">Motley Fool</a>\n为提升您的阅读体验，我们对本页面进行了排版优化\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"ABNB":"爱彼迎"},"source_url":"https://www.fool.com/investing/2021/05/18/airbnb-is-down-more-than-30-from-its-peak-is-it-a/","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1143893202","content_text":"Airbnb is well-positioned to be a post-pandemic winner.\nAs a poster child of the sharing economy,Airbnb (NASDAQ:ABNB) has always been a Silicon Valley darling. With high-profile backers like Andreessen Horowitz and Tiger Global Management, Airbnb became one of the world's most valuable start-ups just seven years after its founding.\nSo it was no surprise when Airbnb made a monster market debut last year even as other travel players struggled to survive the pandemic. Airbnb shares hit $220 in February, more than triple its listing price.\nBut since then, Airbnb shares have shed 40%. The stock now trades at $131, the lowest since December 2020. Like many high-risk, high-reward stocks, Airbnb has fallen out of favor among value-oriented investors. But for the stock's many fans, is this a chance to buy the dip? Let's find out.\nIMAGE SOURCE: GETTY IMAGES.\nThe bull case\nThe pandemic has been bad for businesses everywhere. But it's been especially difficult for companies relying on people leaving their homes. According to the World Travel & Tourism Council, the travel industry suffered a $4.5 trillion loss last year due to COVID.\nAt first, Airbnb looked more vulnerable than ever. Lockdowns slammed the brakes on bookings, which plunged 72% year over year in April 2020. At the height of the pandemic, Airbnb had to raise emergency cash and slashed a quarter of its staff. These actions proved decisive, helping Airbnb bounce back from what CEO Brian Chesky called the \"most harrowing crisis of our lifetime.\" Airbnb ended the year with $3.4 billion in revenue, down 30% year over year. That was pretty good -- considering Airbnb had expected revenue to more than half in 2020.\nIn the first quarter of 2021, revenue rose 5% year over year to $887 million, handilybeating Wall Street expectations. Airbnb attributed this to a 35% increase in overall average daily rates, as most of its bookings were in the United States (which tends to have higher daily rates). The company also experienced fewer cancellations than in the year-ago quarter.\nAs restrictions get lifted and vaccinations roll out, Airbnb expects a \"significant travel rebound\" in 2021. New Airbnb use cases that emerged during the pandemic -- such asremote work-- also look here to stay. In the long run, Airbnb has plenty of room to grow. Despite being a household name in the global travel industry, it's captured less than 1% of its total addressable market.\nAll told, Airbnb has what it takes to be apost-pandemic winner. But this doesn't mean investors should rush in just yet.\nThe bear case\nThe reality is that the pandemic is far from over. In the U.S., there are still tens of thousands of new cases every day. Although there's a clear trend of declining new cases since vaccinations got under way, we are still months away from reachingherd immunity-- if at all.\nHerd immunity is the idea that if 60% to 70% of the population gains immunity to COVID-19, we can stop the virus in its tracks. According toNaturemagazine, some experts believe we may never hit the herd immunity threshold. And even if we do, there's the risk thatdeadlier new mutations may emerge, or that the vaccine loses its efficacy.\nIn other words, COVID-19may not be goingaway anytime soon. And that's not good news for the economy or the travel industry.\nWhile the virus is under control in the U.S., it has reemerged in many countries. New daily cases in India are at an all-time high, and many countries have yet to vaccinate even 1% of their populations. International travel will likely be restricted until most countries reach herd immunity -- a process that could take years. So even if domestic travel recovers, global travel could be subdued for a long time.\nWhat does all this mean for Airbnb? For one, it might be years before Airbnb returns to high, double-digit growth. And that's a concern because the stock has always been seen as a hyper-growth tech play. Even after its recent decline, Airbnb trades at 25 times 2020 revenue.Booking Holdings (NASDAQ:BKNG)-- Airbnb's biggest rival -- trades at 16 times sales. At this valuation, Airbnb looks even pricier than PalantirTechnologies, a hyper-growth stock that grew revenue by47% in 2020.\nClearly, the market hopes Airbnb will eventually fulfill its grand ambitions. But if it fails to deliver high growth in the short- and medium-term, investors could lose their patience.\nIs Airbnb a buy now?\nThere's much to like about Airbnb. Its business model has proven to be resilient, even during the pandemic. Beyond bed-and-breakfast, Airbnb has thepotential to disruptthe entire travel industry.\nBut its sky-high valuation is a deal-breaker. Until Airbnb starts trading at a more reasonable price, I'll be staying away from this stock.","news_type":1,"symbols_score_info":{"ABNB":0.9}},"isVote":1,"tweetType":1,"viewCount":708,"commentLimit":10,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"symbols":[],"verified":2,"subType":0,"readableState":1,"langContent":"EN","currentLanguage":"EN","warmUpFlag":false,"orderFlag":false,"shareable":true,"causeOfNotShareable":"","featuresForAnalytics":[],"commentAndTweetFlag":false,"andRepostAutoSelectedFlag":false,"upFlag":false,"length":4,"xxTargetLangEnum":"ORIG"},"commentList":[],"isCommentEnd":true,"isTiger":false,"isWeiXinMini":false,"url":"/m/post/194191107"}