Airbnb Files To Go Public As The Pandemic Rages On
Even as the pandemic that wrecked its business flares up again, Airbnb is poised to make its public market debut this year.
(CNN Business) - Even as the pandemic that wrecked its business flares up again, Airbnb is poised to make its public market debut this year.
The company filed its long-awaited IPO paperwork Monday, revealing that it turned a profit of $219 million in the third quarter of this year, on $1.34 billion in revenue. By comparison, it made $227 million in profit during the same quarter last year on $1.65 billion in revenue. The third quarter was the only quarter the company was profitable in 2019.
The first half of 2020 was bleak for Airbnb, whose platform is used to find and book accommodations in 220 countries and regions around the world. The company reported that through June 30, it incurred net losses of $916 million on revenue of $1.18 billion.
Airbnb's IPO prospectus comes amid the worsening coronavirus pandemic, with the United States surpassing 11 million Covid-19 cases and the Centers for Disease Control and Prevention reminding people that staying home is the best way to protect against the virus.