David Stephenson: Yes. It’s hard to completely pin down the root cause of any kind of softness or volatility. I think it is just broadly, what we’re seeing is a little bit of softness in our overall kind of demand relative to Q3, we call out kind of the macroeconomic and geopolitical just because that is what’s, I think, driving any volatility that’s out there. It’s early. I think I am clearly confident about our revenue growth for Q4 being 12% to 14% growth. And the fact that, that remains stable with Q3, I think is really promising. Our early visibility into 2024 is — again, it’s too early to tell. I think I’m feeling great about our overall playbook and plans, as kind of Brian has mentioned. I think I am most excited about the additional efforts we’re making to get greater penetration in our international markets. And overall, I’m seeing solid demand for Airbnbs, like people are still prioritizing travel over buying things so I’m very bullish in the long term.
Operator: Next, we’ll go to Jed Kelly at Oppenheimer & Company.
Jed Kelly: Okay, great. Can you just give us further update on the regulations you talked about in the shareholder letter. And then Google announced a new update to their vacation rentals where they’re essentially letting property managers show their price. So can you talk about how you’re seeing some of the changes Google is making.
Brian Chesky: Jed, I’ll take regulation. So yes, I would generally say, over the last decade, we’ve been really, really encouraged by the general trajectory of regulation. Here are a couple of stats. Currently today, 80% of our top 200 markets already have regulations on the books and these regulations, though they vary, generally have found workable solutions for home sharing for us to continue to grow and thrive. And I’d point out like the country of France has passed national legislation that is very, very favorable and workable. We’ve had cities near us like Seattle or San Diego that have passed really favorable legislation. I will probably contrast that to New York City which has completely gone a different direction. And unfortunately, I thought when we started Airbnb, we can develop model legislation in New York that we can make in New York, we can make it anywhere and that other cities have adopted legislation that New York has adopted.
It turns out that’s actually not the case. In fact, New York has gone a different direction and I think it’s going to turn into a cautionary tale because what we’re already seeing hotel price in New York are now up 8% year-over-year. A one-bedroom or a studio in New York seems to be about $500. A lot of people can’t even afford to go there anymore. We are seeing work bookings in Jersey City and the perimeters around New York City. And I do anticipate more and more activity will probably go underground which is probably not the intention of the people to even pass a lot. So generally speaking, we’re seeing the trend line to be generally really, really constructive. We built the city portal with the one-stop shop for cities to be able to self-serve, to be ale get data and monitor the type of activity happening in their city.
We have 400 cities on the city portal. And generally, what we’re seeing is that a lot of cities in pandemic or post-pandemic era have reached out to us wanting to make sure that they are able to benefit from economic dollars going to the city and we paid $9 billion in hotel tax. So generally, it’s gone fairly well. It is going to be notable that if you just read the news, you’re always going to seem to be reading about these cities, something happen in New York because we’re in a 100,000 cities and nearly all regulations happen at the municipal level. So it’s kind of a long slide to be able to work with these cities because there’s so many of them and there’s not a lot of standardization but generally speaking, now listed in New York, we are seeing a lot of positive developments.
And then, on the Google question.
David Stephenson: Yes, I can take this. I mean we’re not going to respond directly to any kind of specific thing that Google is doing. I think if you do step back though and remember that the vast majority of host on Airbnb or individual host, approximately 90% of them, that the majority of those listings are unique to Airbnb and you can only get them here. I think that, that is one of the larger kind of defensible moats that we have which is if you want to have an amazing stay, if you want to have the unique listings, you come directly to us and we’re really not seeing the impact of the competition taking additional share from us. In fact, we continue to take or increase our relative share of listings in the market, continually. And this is why we’re continuing to grow at faster than the overall kind of travel market. So I don’t have much more to say beyond that.
Brian Chesky: Yes. Maybe the only other thing I’d say — maybe the only other thing Jed, I’d say is we’re just seeing a lot of strength in mobile bookings. You can think of mobile bookings essentially like direct. It’s not people not going to Google. 53% of our gross nights booked in the last quarter were on native mobile apps, essentially iOS and Android. And that is up from a year earlier which was less than 50%. And again, I’ll just say 90% of our traffic is direct or unpaid. So we think that the strength of our brand, the strength of our app, the strength of people coming direct to Airbnb is key. And the reason it’s direct is because they’re inventory is unique. It’s not commodities. The majority of hosts don’t list anywhere else and we build customer tools for them. So that’s our general theory, to build unique inventories that allow people to come direct to Airbnb. And I don’t see that changing.
Operator: We’ll move next to Nick Jones at JMP Securities.
Nick Jones: Great. Brian, you talked about Airbnb’s pricing, maybe not increasing or it’s down while hotels are up. I mean, how do you feel about the average prices on Airbnb today? Is there still room to kind of — if you get those lower? And I guess as you talk about some of the marketing and advertising campaigns, do you think kind of travelers or consumers view Airbnb as a premium offering, a discount offering, is the reliability kind of the trade-off. I guess can you kind of maybe paint the picture a little bit more as to kind of what you feel consumers’ hesitation is to maybe book an Airbnb and how much pricing plays a role in that?
