Airbnb files for IPO, reveals covid impact1 min read . Updated: 18 Nov 2020, 06:36 AM IST
The listing is set to be one of the biggest this year, capping an IPO surge that has largely defied the economic devastation inflicted by the pandemic
Airbnb Inc., in a long-awaited filing for an initial public offering (IPO), outlined widening losses and plunging revenue while projecting optimism for a rebound in demand for home-sharing when the economy eventually recovers from the coronavirus pandemic.
The listing is set to be one of the biggest this year, capping an IPO surge that has largely defied the economic devastation inflicted by the pandemic.
The company’s filing Monday confirms the damage it suffered as covid-19 wreaked havoc on the travel industry. Its gross booking value for the nine months ended September tumbled to $18 billion, down almost 40% from the same period last year, it said.
Airbnb had a net loss of $697 million on revenue of $2.5 billion for that nine-month period, compared with a net loss of $323 million on revenue of $3.7 billion for the same period last year, according to the filing.