<story><title>Airbnb S-1</title><url>https://www.sec.gov/Archives/edgar/data/1559720/000119312520294801/d81668ds1.htm</url></story><parent_chain><item><author>edoceo</author><text>Who&amp;#x27;s the other one? Microsoft?</text></item><item><author>carlineng</author><text>A few random observations I found interesting:&lt;p&gt;- Looks like they are significantly leaner now as a result of COVID. Cost of revenue is at an all-time low in Q3 (17% of revenue on p164). There&amp;#x27;s a lot of focus the drastic cuts to Sales and Marketing, but it looks like there&amp;#x27;s a fair amount of increased discipline across the board.&lt;p&gt;- It&amp;#x27;s interesting that Operations and support looks to be very similar in both the first 9 months of 2019 and 2020 despite having drastically different revenue numbers. They had to spend roughly the same amount (600 million) to support 30% less revenue&lt;p&gt;- Looks like China is a huge part of their future strategy, so much so that it is explicitly called out in their Executive Compensation bonus calculation (p271). I can think of exactly one other American consumer tech company that has had success in China.</text></item></parent_chain><comment><author>finolex1</author><text>Apple. Tesla too, if you&amp;#x27;re willing to stretch definitions a bit.</text></comment>
<story><title>Airbnb S-1</title><url>https://www.sec.gov/Archives/edgar/data/1559720/000119312520294801/d81668ds1.htm</url></story><parent_chain><item><author>edoceo</author><text>Who&amp;#x27;s the other one? Microsoft?</text></item><item><author>carlineng</author><text>A few random observations I found interesting:&lt;p&gt;- Looks like they are significantly leaner now as a result of COVID. Cost of revenue is at an all-time low in Q3 (17% of revenue on p164). There&amp;#x27;s a lot of focus the drastic cuts to Sales and Marketing, but it looks like there&amp;#x27;s a fair amount of increased discipline across the board.&lt;p&gt;- It&amp;#x27;s interesting that Operations and support looks to be very similar in both the first 9 months of 2019 and 2020 despite having drastically different revenue numbers. They had to spend roughly the same amount (600 million) to support 30% less revenue&lt;p&gt;- Looks like China is a huge part of their future strategy, so much so that it is explicitly called out in their Executive Compensation bonus calculation (p271). I can think of exactly one other American consumer tech company that has had success in China.</text></item></parent_chain><comment><author>pdxandi</author><text>I would guess Apple.</text></comment>