At the end of February, Priceline’s Booking.com had roughly 277.4K hotels on its site, and, at the 3 month avg. run-rate of 8K net new hotels per month, Booking.com appears on track to exceed our estimate for 281K hotels by the end of 1Q.
Of the three key quarterly metrics (hotels, rooms per hotel and ADRs) hotel counts are probably least important for quarterly results, but strong hotel adds suggest its model continues to gain traction with hoteliers and that there is further room for strong hotel night penetration growth.
Job postings on LinkedIn at the end of February were up over 80% y/y to 200K and were up 11% m/m from January. Average monthly job postings are now tracking up 13% QTD q/q and 92% QTD y/y, which compares to our estimate for LinkedIn’s Talent revenue to be up 12% sequentially and 75% y/y in 1Q. We note, however, the majority of hiring solutions revenue is driven by recruiting solutions and not job posting fees, but we see job positing growth as a positive indicator of enterprise traction.