Airbnb: Elevated Valuation Meets A Weakening Economy

Airbnb's Q2 results show decent revenue and profit, but growth in core markets (North America, Europe) has slowed significantly. Economic uncertainty, rising delinquencies, and increased regulatory restrictions (e.g., recent limitations in Spain) are creating significant headwinds. Airbnb's push into new areas such as experiences and services may drive incremental growth, but brings higher costs, operational complexity, and uncertain returns.