Airbnb's (ABNB) Reserve Now Pay Later or RNPL payment offering is clearly having a positive effect, with US nights booked rising to high-single digit from low-single digit growth last quarter, RBC Capital Markets said.
The brokerage said in a Thursday note that Airbnb's Q3 outperformance, with its gross booking value rising 14% year-on-year and beating Wall Street estimates by 4.4%, was attributable to the strength in the US market aided by the RNPL payment offering.
RBC further said that Airbnb saw "steady or accelerated growth" across major regions and remained optimistic about the continued momentum in bookings, aided by longer lead-time reservations and the success of its new payment offerings.
Airbnb's recently launched services and experiences offerings have been "well-received," RBC said, adding that almost half of the people who booked an experience did not have a stay and about 10% of those booking such experiences were first-time users, suggesting that these offerings are attracting new audiences.
RBC reiterated its sector perform rating on Airbnb with a $145 price target.
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