In this Feb. 22, 2018, file photo Airbnb co-founder and CEO Brian Chesky speaks during an event in San Francisco. (AP Photo/Eric Risberg, File)
By Dee-Ann Durbin
Airbnb was losing money even before the pandemic struck and cut its revenue by almost a third, the home-sharing company revealed in documents filed Monday ahead of a planned initial public offering of its stock.
The San Francisco-based company has yet set a date for the IPO but it is laying the groundwork by filing financial records with U.S. security regulators.
The documents show that leading up to the coronavirus outbreak earlier this year, Airbnb was spending heavily on technology and marketing to grow its business.
Its revenue jumped 32% to $4.8 billion in 2019, but it reported a net loss of $674 million that year. The company also lost money in 2018 and 2017.
This year, Airbnb said, revenue fell 32% to $2.5 billion in the first nine months as travelers canceled their plans after the pandemic crippled travel and forced lockdowns around the world.
Airbnb said it currently has 7.4 million listings run by 4 million hosts worldwide. Eighty-six percent of its hosts are outside the U.S. and 55% are women, the company said.
The company said it had 54 million guests in 2019.
Airbnb was founded 12 years ago by Brian Chesky and Joe Gebbia — classmates at the Rhode Island School of Design — and Nate Blecharczyk, a software engineer. Their first listing was Chesky and Gebbia’s apartment in San Francisco.
We battle an onslaught of advertising every time we scroll through social media. Deinfluencers propose a less pricey, more honest approach to how we shop online. Could they convince us to spend less?
Scott Gutz, CEO of Monster.com breaks down the company’s Work Watch Report for 2024, including what’s motivating workers to look for new positions and why they should see A.I. as an opportunity.
Tom Graff, Chief Investment Officer, Facet, discusses what the latest jobs report says about this ‘pretty good’ labor market and why the market should worry less about the Fed’s next decision.
Universal Music Group, which represents artists including Taylor Swift, Drake, and Ariana Grande, has removed its music from TikTok and accused the app of bullying and intimidation.
The average rate on a 30-year mortgage fell 0.06% last week. Although the rate is much higher than it was two years ago, the decline could relieve buyers already dealing with low inventory and high prices.
As millions of Americans are set to retire, John Carter, President & COO of Nationwide Financial, shares what to expect and how consumers of all ages can better prepare for their golden years.
