There are lots of takes on why we are at peak Airbnb (NASDAQ: ABNB). I, for one, think most of them are overstated although U.S. housing market turbulence could cause some hiccups. Airbnb looks well-positioned to keep growing over the long term as travel and experiences become top priorities, especially for younger generations.

That said, there is one risk that could hit Airbnb in 2024. As a result, by one metric, the stock isn't nearly as cheap as it looks. Here's what investors need to know.

As I recently wrote about with my colleagues Anders Bylund and Billy Duberstein, Airbnb just had another solid quarter in Q3 2023. Revenue was up 14% year over year (excluding currency exchange rates), driven especially by a push into more international markets where Airbnb still has a small presence.

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Source Fool.com