Lou Whiteman

And this is almost as delicious as a Mediterranean bowl.

Yeah.

Narrative-busting week for Airbnb, because everything was down.

Airbnb actually missed earnings, and the stock is up post.

This week, that seemed really weird.

A few things going on, though.

For one, stock was already down 15% for the year.

and we're still just in mid-February, so there weren't a lot of expectations baked in here.

Also, they see double-digit revenue growth in 2026, which I think is better than some had feared, especially with all the macro concerns where things are going.

This was a good report from a good company.

I think the funny thing is, though, is expectations.

What should we expect from here?

I don't know about you guys, but increasingly, when I look at Airbnb, I see Marriott.

I see a mature lodging business, asset-light, that can outperform but is not going to be a high-growth stock.

I've given up on experiences as a new rocket ship.

Yeah, they invented a concierge.

I think it's tough to figure out how this is anything more than a Marriott from here.

The good news is that Marriott has been a pretty good, solid company.

I think it's all about expectations from here, but a good company, doing well.

They went public so late.