Airbnb Files for Long-Awaited IPO Despite 32% Revenue Drop
Airbnb officially files for its initial public offering, revealing a 32% year-to-date revenue decline due to the coronavirus pandemic. The company awaits a new IPO date after postponing its initial launch.
Airbnb officially files for its initial public offering, revealing significant financial impacts from the global coronavirus pandemic. According to its required SEC filing, the home-sharing giant reports a 32% drop in revenue for the first nine months of the year, bringing its top line to just over $2.5 billion compared to the same period in 2019.
The travel industry disruption also causes Airbnb's net loss to more than double to nearly $697 million. Like peers Expedia Group and Booking Holdings, Airbnb explains that travel suffers disproportionately as governments implement restrictions and people become reluctant to travel regardless of official rules.
Despite these recent setbacks, Airbnb shows a strong historical growth trajectory prior to the pandemic, having multiplied its revenue more than fivefold between 2015 and 2019. The company has not yet disclosed the number of shares it will sell or set a price, and it is currently waiting to fix a new launch date after postponing the original offering.