Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2025 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from_____ to _____ Commission File Number: 001-39778 ______________ Airbnb, Inc. (Exact Name of Registrant as Specified in Its Charter) _____ ...

Exhibit 99.1 o DS . . · : i . . III 00000 Q3 2025 | Key Financial | Revenue | | | --- | --- | --- | | Measures | | 10% Y/Y | | | | 10% Y/Y (ex-FX) | | | Net Income | $1.4B | | | | 34% Net income margin | | | Adjusted EBITDA* | $2.1B | | | | 50% Adjusted EBITDA Margin | | | Free Cash Flow ("FCF")* | $1.3B | | | | 33% FCF Margin | | | Trailing Twelve Month ("TTM") FCF* | 4.5B | | | | 38% TTM FCF Margin | | Key Business | Gross Booking | $22.9B | | Metrics | Value ("GBV") | | | | | 14% Y/Y 12% Y/Y (ex-FX) | | ...

Core Insights - Marqeta is collaborating with Klarna to expand the Klarna Card into 15 new European markets, leveraging Visa's Flexible Credential technology [1][2] - The Klarna Card is being rolled out in multiple countries including the UK, Denmark, Germany, Norway, and Poland, and is also available in several other European countries and the U.S. [2] - Marqeta's platform has processed nearly $300 billion in annual payments volume in 2024, demonstrating its scalability and compliance capabilities [2] Company Overview - Marqeta is a modern card issuing platform that enables companies to create customized card programs and embed financial services into their branded experiences [2] - Klarna is a global digital bank and flexible payments provider with over 111 million users and 2.9 million transactions per day [3] - Klarna's network includes over 790,000 retailers, enhancing consumer payment options across various platforms [3] Partnership Dynamics - The partnership between Marqeta and Klarna is aimed at accelerating time-to-market and scaling operations across countries [2] - Marqeta became the first issuer processor in the U.S. certified for Visa Flexible Credential in July 2024, further solidifying its position in the market [2] - The collaboration is expected to continue growing, with both companies eager to innovate and expand their offerings [2]

Market Overview - U.S. stock futures declined on Thursday following a positive close on Wednesday, with major benchmark indices showing lower futures [1] - The 10-year Treasury bond yielded 4.14%, while the two-year bond was at 3.61%, with a 67.3% likelihood of the Federal Reserve cutting interest rates in December [2] - Major indices' futures changes included Dow Jones -0.06%, S&P 500 -0.02%, Nasdaq 100 -0.06%, and Russell 2000 -0.19% [2] Company Performance - Coherent Corp. (NYSE:COHR) saw a significant increase of 14.31% after reporting revenue of $1.58 billion, a 17% year-over-year increase, and earnings of $1.16 per share compared to $0.67 from the same quarter last year [5] - Airbnb Inc. (NASDAQ:ABNB) rose 0.041% in premarket trading ahead of its earnings report, with expectations of $2.34 earnings per share on revenue of $4.08 billion [6] - Apple Inc. (NASDAQ:AAPL) fell 0.27% after news of a deal to pay Alphabet Inc. approximately $1 billion yearly for AI technology to improve Siri [6] - Marvell Technology Inc. (NASDAQ:MRVL) surged 8.55% amid reports of SoftBank Group exploring a potential takeover of the company [6] Sector Performance - Sectors with the biggest gains included communication services, consumer discretionary, and materials, while consumer staples and information technology closed lower [8] Analyst Insights - Sean Peche, founder of Ranmore Fund Management, expressed concerns about the stock market being overvalued, drawing parallels to Japan's late-1980s bubble, citing high valuations and euphoria driven by U.S. tech dominance [10][11] - Peche highlighted that the Magnificent 7 trades at 58x free cash flow, which worsens to 77x when adjusting for stock-based compensation, suggesting a reconsideration of reliance on the U.S. market [11][12] Upcoming Economic Data - Initial jobless claims data and third-quarter U.S. productivity data will be delayed, with several Federal Reserve officials scheduled to speak throughout the day [14][15] Commodities and Global Markets - Crude oil futures increased by 1.06% to around $60.23 per barrel, while Gold Spot rose 0.83% to approximately $4,012.21 per ounce [16] - Bitcoin traded 1.01% higher at $102,968.08 per coin [16] Global Market Performance - Asian markets closed higher, except for India's NIFTY 50 index, with notable gains in South Korea, Japan, Australia, Hong Kong, and China [17]

Market Overview - U.S. stocks experienced a positive session, with the Dow Jones index increasing by approximately 226 points to close at 47,311.00, while the S&P 500 and Nasdaq Composite gained 0.37% and 0.65%, respectively [4] - The CNN Money Fear and Greed index showed a slight easing in fear levels, currently at 24.1, remaining in the "Extreme Fear" zone, up from a previous reading of 21.5 [6][7] Employment Data - The ADP National Employment Report indicated that private employers added 42,000 jobs in October, rebounding from a loss of 32,000 jobs in September and surpassing economists' expectations of a 25,000 job gain [2] Corporate Earnings - Eli Lilly and Co. continued its post-earnings rally for the fifth consecutive session, with shares reaching their highest levels since September 2024 [3] - McDonald's Corp. reported weaker-than-expected earnings for the third quarter [3] - Investors are anticipating earnings results from Cummins Inc., Airbnb Inc., and ConocoPhillips [5] Sector Performance - Most sectors within the S&P 500 closed positively, with communication services, consumer discretionary, and materials stocks showing the largest gains [4] - In contrast, consumer staples and information technology sectors closed lower, bucking the overall market trend [4]

Earnings Expectations - Cummins Inc. is expected to report quarterly earnings of $4.81 per share on revenue of $7.97 billion [2] - Qualcomm Inc. reported positive earnings for Q4 and anticipates first-quarter revenue between $11.80 billion and $12.60 billion, with a consensus estimate of $11.62 billion [2] - Airbnb Inc. is projected to post quarterly earnings of $2.34 per share on revenue of $4.08 billion [2] - ConocoPhillips is expected to report quarterly earnings of $1.44 per share on revenue of $14.73 billion [2] Stock Performance - Cummins shares increased by 2.4% to close at $439.18 [2] - Qualcomm shares fell by 2.6% to $175.01 in after-hours trading [2] - Airbnb shares rose by 0.1% to $122.55 in after-hours trading [2] - Robinhood Markets Inc. reported better-than-expected Q3 results, but shares fell by 2.1% to $139.55 in after-hours trading [2] - ConocoPhillips shares gained 0.9% to $88.47 in after-hours trading [2]

Airbnb’s growth has cooled and web traffic is slowing. In response, the company is looking for new opportunities. But there are reasons to be sceptical of these new product lines https://t.co/byp585hjYb ...

Company Strategy - Airbnb is branching out again after a period of expansion beyond accommodation that was described as "chaos" [1] - The company's co-founder reflects on a pre-COVID expansionary period [1] Leadership Perspective - Brian Chesky, Airbnb's co-founder, is leading the company's new strategic direction [1]

Core Insights - The "concert economy" has significantly boosted the hospitality industry, with Airbnb reporting a fivefold increase in accommodation bookings during the NCT WISH concert in Seoul and a sixfold increase during the Coachella music festival [2][3]. Group 1: Impact of Concerts on Travel - The demand for attending concerts abroad is driving a surge in young Chinese users on Airbnb, particularly from Generation Z [3][4]. - Airbnb has identified that many young travelers are not just tourists but are traveling specifically for concerts, exhibitions, and fan meetings [5][6]. Group 2: Role of Xiaohongshu - Xiaohongshu has become a crucial platform for Airbnb to connect with over 100 million Gen Z users, facilitating insights and outreach [3][12]. - Searches related to "concerts" on Xiaohongshu increased by 109% year-on-year in Q4 of last year, indicating a growing interest among young people [4]. Group 3: Specific User Needs - Users on Xiaohongshu often search for detailed and specific queries, such as "what insurance should a 30-year-old single woman buy," reflecting a trend towards more nuanced consumer needs [13][14]. - The rise in specific searches, such as a 490% increase in searches for "fluffy hair transplant," shows a deeper consumer motivation in the travel and lifestyle sectors [16]. Group 4: Market Growth and Opportunities - The service retail sector saw a 5.1% year-on-year growth from January to August, outpacing the growth of goods retail by 0.3 percentage points, highlighting the expanding opportunities in lifestyle services [17]. - The number of service providers on Xiaohongshu has increased significantly, with SPUs growing by 80% to 25,000 and merchant accounts increasing by 70% to 31,000 [20]. Group 5: Challenges in Service Industry - The service industry faces challenges such as non-standardized services and information asymmetry, making it difficult for consumers to make informed choices [22][23]. - As customer acquisition costs rise, businesses need to establish deeper connections with users, moving from quick sales tactics to long-term engagement strategies [24]. Group 6: Xiaohongshu's Unique Position - Xiaohongshu's dual recommendation and search capabilities allow for a more targeted approach to consumer engagement, with 80% of searches being longer phrases [12][13]. - The platform's community-driven nature fosters a unique environment for businesses to understand and meet specific consumer needs, leading to increased engagement and conversion rates [25][59]. Group 7: Case Studies of Success - Companies like Yifeng Moving have adapted their marketing strategies on Xiaohongshu to better resonate with their target audience, focusing on specific consumer pain points [32][34]. - "Shanzhu Imaging," a wedding photography studio, successfully leveraged Xiaohongshu to boost its brand visibility and sales, demonstrating the platform's effectiveness in driving business growth [39][42]. Group 8: Future of Business on Xiaohongshu - Xiaohongshu users, with an average monthly household income of 26,000 yuan, are highly engaged and willing to share their experiences, creating a fertile ground for various business opportunities [56]. - The platform's emphasis on detailed consumer insights and tailored content strategies positions it as a key player in the evolving landscape of lifestyle services [60][62].

Expanding into hotel bookings should help Airbnb attract business travellers and plug gaps in city centres. Already there are said to be 95,000 hotels with at least one review on the platform https://t.co/Pz0HrxTbDk ...