Airbnb (ABNB) earnings: The $1B seasonal profit drop and the pivot to hotels

Airbnb posted a massive sequential decline in profitability due to severe seasonality, yet management insists the business is finally pivoting back to accelerated growth.In ~10 minutes:* Why Net Income collapsed to $341M (down from $1.37B in Q3). 📉* The "Reserve Now, Pay Later" trade-off: higher bookings, higher cancellations.* "Project Y" and the strategic shift toward boutique hotel inventory.* How the "OBBBA" tax legislation artificially boosts the 2026 outlook.Brian Chesky admits the company’s "two-story house" structure is straining under scale, deploying elite teams to bypass corporate bloat. We break down the heavy seasonality, the EPS miss ($0.56 vs $0.66), and why the market looked past the margin compression to bet on the turnaround.Company: Airbnb, Inc. (ABNB) | Q4 FY2025AI-assisted production. Feedback/ticker requests: https://x.com/EarnUnscripted.