Tuesday, November 21, 2023
HomeReal Estate MarketingProptech Earnings Radar - Q3 2023

Proptech Earnings Radar – Q3 2023

Third quarter outcomes are in for proptech’s public firms. We’re again at it, with high-level summaries of the ten firms we deem as crucial gamers within the broader class:

  • Airbnb
  • Mix Labs
  • Compass
  • CoStar
  • eXp World Holdings
  • NewsCorp
  • Opendoor
  • Redfin
  • WeWork
  • Zillow

Plus, a desk view masking the highest twenty firms:

  • Angie’s Record
  • Nextdoor
  • Matterport
  • Offerpad
  • Porch
  • Actual Brokerage
  • SmartRent
  • Sonder
  • Vacasa
  • View

On the residential facet, Q3 noticed the bombshell verdict within the Sitzer/Burnett trial determined, and better rates of interest remained. Seasonally-adjusted annual gross sales of present properties have been beneath 4 million (in keeping with Zillow), which is as little as they’ve been because the again facet of the 2008 monetary disaster. On the CRE facet, flex workplace powerhouse WeWork declared chapter.

With out additional ado, let’s get into the numbers…

Right here’s what you’ll be able to anticipate within the report, with our protection of Airbnb…


reported $3.4B in income, a 17% YoY improve. One spotlight was the million lively listings added to the platform in Q3, 19% development in comparison with final 12 months, with each city and non-urban provide rising on the similar charge. Q3 noticed a report summer time journey season, with 14% YoY development in nights and experiences booked. The corporate is experiencing vital worldwide growth, with year-over-year development above 30% on an origin foundation for Asian Pacific International locations.

Market Cap$77.124B

Notable Takeaways:

  • Web earnings was $4.374B, of $1.679B earnings earlier than taxes, and a $2.7B one-time earnings tax profit from the discharge of a valuation allowance.
  • Free money circulation grew 37% YoY to $1.3B, enabling the corporate to repurchase $500M in Class A Inventory, (the corporate has spent $3B on inventory repurchases in complete).
  • The typical one night time keep in a one bed room itemizing was $120 throughout September.
  • Gross reserving quantity was $18.3B, a 17% YoY improve.
  • CEO Brian Chesky famous that they’re dedicated to creating “internet hosting as mainstream as touring.”
  • After a UI replace to show complete price of keep earlier than taxes, 260,000 listings eliminated or diminished cleansing charges. That introduced the full of areas that don’t have cleansing charges to 3M models.
  • New options beforehand launched to extend the variety of long-term stays elevated stays with a length of three months or longer by 20% YoY.

Study Extra: Shareholder Letter // Inman // PhocusWire

Learn the complete report

Should you’d wish to obtain future earnings summaries, please signal as much as our GEM Crystal tier.



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