Airbnb Wants To Go Beyond Travel

Hi, today we explore: (1) Novo Nordisk’s soaring sales, (2) Airbnb’s latest feature and (3) America’s tipping culture in context. Good morning. It’s Friday! China is blasting off to the other side of the moon, Donald Trump’s trial is still dominating headlines, and stock markets are liking the jobs report. Today we're exploring: - Sales bulk: Europe’s largest company is a weight loss drug giant. - Beyond travel: Airbnb wants to be more than just rooms. - Gratuitous: America’s tipping culture is truly unique. Have feedback for us? Just hit reply — we'd love to hear from you! TOGETHER WITH Ballooning sales Novo Nordisk, the pharma giant that’s become even more giant thanks to its weight loss drugs Ozempic and Wegovy, reported first-quarter earnings yesterday. Although the company technically raised its revenue forecast for the year, sales of Wegovy, despite doubling from last year, fell short of analysts' predictions, as supply constraints and competition in the space began to hamper demand for the drug. The news weighed on the company’s shares, which are down 6% in the last 48 hours, underscoring how crucial the obesity drug is perceived as being to Novo’s future. By leading the way in the booming weight loss market, the Danish firm has become Europe's most valuable company, with a market cap [bigger than its native country’s GDP](. The company's first triumph came with Ozempic, a headline-grabbing semaglutide drug that mimics the effects of the naturally occurring hormone GLP-1, which was initially intended for diabetes treatment. One welcomed side effect of Ozempic turned out to be weight loss, sparking an ever-growing list of [celebrity endorsements]( and sending Novo's GLP-1 sales up 6x in just 5 years. Now, nearly 3 years on from Wegovy — Novo Nordisk’s FDA-approved rebranded semaglutide for “[chronic weight management]( — hitting the market, its obesity specific sales have grown to a sizable 17% of the company's total. However, competition is intensifying: Eli Lilly launched its own obesity drug, Zepbound, late last year, and many other similar drugs are in late-stage [trials](. In response, the company has dropped prices for both Wegovy and Ozempic, even in the face of constrained supply — a situation that might typically drive prices higher. [Read this on the web instead]( Up in the air Now more than 15 years-old, Airbnb is doing its best to keep things exciting for guests. It already lists some quirky stays for intrepid explorers: a Florida [bowling villa]( a [Boeing 727]( in the Costa Rican jungle; even a “[dog crate on steroids]( in Boston. Now, it’s doubling down on offbeat offerings. Airbnb’s new Icons feature, announced [Wednesday]( offers the opportunity to partake in “extraordinary experiences from the world’s greatest icons”. So, if you’ve ever dreamed of going Up in Pixar’s balloon-buoyed house or sleeping in the Musée d’Orsay’s clock, now’s your chance. But fun, marketing-friendly initiatives like Icons might not be enough to drive Airbnb’s next leg of growth in bookings, which has slowed to 12% annually from 20% the year before. Indeed, with more than 7.7 million active listings worldwide, Airbnb has faced increasing scrutiny for driving out residents, with major cities like [New York]( and [Paris]( where affordable accommodation is increasingly scarce, bringing in measures that limit residents’ ability to list homes on some short-term rental platforms. That’s potentially why Airbnb is looking to reinvent itself, with CEO Brian Chesky [describing]( 2024 as an “inflection point” for the company, which eventually wants to “move beyond travel”. First stop… experiences. Bon voyeur: If ticking off locals is one thing, creeping out guests is another. As of April 30, Airbnb imposed a worldwide ban on [indoor security cameras](. [Read this on the web instead]( [Sponsored by Wayfair]( Shut the front door! Coming home this summer is about to get even better. With [Wayfair savings of up to 80%]( starting tomorrow for Way Day, now’s THE time to upgrade your space. All the value, all the variety — from everyday appliances to outdoor accessories that’ll see you through the season. Almost everything ships free!* [Lock in your list for Way Day now]( to maximize savings on furniture, decor, appliances, and more when Way Day goes live tomorrow. Don’t miss out on Wayfair’s lowest prices of the season: Way Day ends on May 6th! *Visit [wayfair.com/shipping]( for exclusions [Save Up to 80% on Everything for Your Home on Way Day]( Tipping point While adding a healthy percentage onto restaurant bills has been the norm for nearly as long as the hospitality industry has existed, the integration of touch-screen tipping — everywhere from coffee shops, to drive-thrus, to self-checkout kiosks — has meant that many Americans are now feeling the gratuity squeeze. Domino’s recently announced a bizarre solution to beat tipping tedium: yet more tipping, launching a “[You Tip, We Tip]( promotion last week that gives US customers discounts on future orders for every $3+ they leave for drivers. And, if such a promotion is going to work anywhere, it’s in America. A [YouGov survey]( of ~10,000 adults conducted last May found that 10% of Americans would tip “every time” they go to a restaurant with terrible service, compared to just 1% of Danish pollees. In fact, nearly half of all Americans surveyed said they would likely tip for a terrible experience. That tipping culture is fast-developing into tipping fatigue, as screens imploring consumers to give a little something extra become ubiquitous. Since digital payments became commonplace during the pandemic, 1 in 3 people now feel pressured to tip, according to a 2023 [Forbes study]( and nearly two-thirds reported tipping more digitally than they would with cash. [Read this on the web instead]( More Data • Apple announced the largest stock buyback in history at $110 billion [yesterday]( — larger than the combined market caps of Spotify and DoorDash. • April marked the 11th consecutive month of record high global [temperatures](. • Whatever your home needs, Wayfair has it — and they also have [up to 80% off everything on May 4](. Get this year’s best prices on [furniture, decor, appliances]( and more when Way Day goes live tomorrow.* • The original watercolor painting used for the cover of the first Harry Potter book is set to go under the hammer, with expectations it could fetch up to $600,000 at [auction](. • New court filings have revealed that Google paid a staggering $20 billion to Apple in 2022 to remain the default search engine in [Safari](. *This is sponsored content. Hi-Viz • Tech companies [record spending spree on AI](. Off the charts: Famous for its “car vending machines”, which volatile stock soared 34% yesterday? 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