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BusinessExplainerPast Article

How to Read an Earnings Report Past the Per-Share Number

Earnings per share is the last line of a long calculation. Airbnb's third-quarter filing shows how revenue, taxes, share count, buybacks and adjusted measures each shape the result.

By Priya Raman, Tech and Business Analyst

New York3 min read

Black-and-white low-angle photograph of a concrete building
A concrete building photographed from below.Photo by Luke van Zyl on Unsplash

Earnings per share is the number that travels. It leads the headline and anchors the comparison with last year. It is also the final step in a chain of calculations, and each link in that chain can move it for a different reason.

Airbnb's quarterly report for the three months ended Sept. 30, filed with the Securities and Exchange Commission on Nov. 5, is a useful worked example. Its diluted earnings per share rose to $3.16 from $2.21 a year earlier, a gain of about 43 percent. Revenue rose about 19 percent. Per-share profit grew more than twice as fast as sales because of three things: wider operating profit, a smaller tax bill and fewer shares.

Start at the top

Revenue is what a company earns from its customers in the period. Airbnb reported $4.87 billion, up from $4.10 billion. The timing matters for a marketplace: Airbnb recognizes revenue when a guest checks in, while its gross booking value is counted when the reservation is made. A stay booked in one quarter can therefore become revenue in a later reporting period.

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