The San Francisco-based company has yet to set a date for the IPO but it is laying the groundwork by filing financial records with U.S. securities 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. The company said it was expanding its operations and adding new programs, like tours and other experiences that travelers could book through its website.
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.
The pandemic forced a financial reckoning, the company said. In May, Airbnb cut 1,900 employees, or around 25% of its workforce, and slashed investments in programs, like movie production, not related to its core business.
Continue reading your story on the app
Continue reading your story in the magazine
Q&A: BITCOIN'S MASSIVE RISE AND WHAT COMES NEXT
The digital currency Bitcoin rocketed to a record high last week above $40,000 a coin.
VOLKSWAGEN TRIPLES ELECTRIC CAR SALES AHEAD OF CLIMATE RULES
Europe’s push into electric cars is gathering speed — despite the pandemic.
UK INVESTIGATES GOOGLE'S PLAN TO REVAMP CHROME BROWSER
Britain’s competition watchdog said it launched an investigation into Google’s plan to overhaul its ad data system over worries it could leave even less room for rivals in the online ad industry.
RACE ON: THE LINEUP FOR THE REVOLUTION OF THE CAR INDUSTRY
Wherever you are in the world, it’s hard to deny that 2020 was a challenging year - not least the automotive sector. With car sales plummeting amidst stay-at-home orders, consumers had a chance to reflect on their environmental impact, and as a result, electric vehicles are now more desirable than ever.
SOME UBER, LYFT DRIVERS SUE OVER CALIFORNIA BALLOT MEASURE
Drivers for app-based ride-hailing and delivery services filed a lawsuit to overturn a California ballot initiative that makes them independent contractors instead of employees eligible for benefits and job protections.
TARGET CONTINUES TO THRIVE IN WHIRLWIND RETAIL ENVIRONMENT
Target’s strong sales streak extended through a pandemic-shrouded holiday season after a hard push online and an increased effort to provide alternatives to customers who are trying to minimize risk.
TIKTOK TIGHTENS PRIVACY FEATURES FOR YOUNGER USERS
A month after federal regulators ordered it to disclose how its practices affect children and teenagers, TikTok is tightening its privacy practices for the under-18 crowd.
NEW MERCEDES SCREEN TO STRETCH NEARLY FULL WIDTH OF CAR
Daimler’s Mercedes-Benz has unveiled a key interior component of its upcoming electric luxury sedan: a large, curved screen that sweeps across almost the entire width of the car in the place of a conventional dashboard.
ELECTRIC TRUCK MAKER HITS 100,000 ORDERS AHEAD OF FALL START
An upstart electric vehicle maker said that it now has more than 100,000 orders for its new pickup truck.
CHINA'S GEELY, BAIDU ANNOUNCE ELECTRIC CAR VENTURES
Chinese automaker Geely says it will form an electric car venture with tech giant Baidu, adding to a flurry of corporate tie-ups in the industry to share soaring technology development costs.
Back-to-Back Blockbuster IPOs Revitalize Wall Street
Last year was full of blockbuster IPOs (initial public offerings) across the globe.
Airnbn, Resilient in Pandemic, Goes Forward With IPO
Airbnb proved its resilience in a year that has upended global travel. Now it needs to prove to investors that it sees more growth ahead.
Never Mind the IPOs—Rent's Falling
Money is washing through the tech sector, but some of its workers have left San Francisco
Airbnb Hopes To Raise Up To $2.6B In Mid-December IPO
Airbnb hopes to raise as much as $2.6 billion in its initial public stock offering this month, betting investors will see its home-sharing model as the future of travel.
Did Airbnb Win The Pandemic?
The company’s ability to adapt to Covid puts it ahead of rivals and may have saved its IPO
IS IT SAFE TO STAY IN HOTELS DURING THE PANDEMIC?
Is it safe to stay in hotels during the pandemic?
AIRBNB FILES PRELIMINARY PAPERWORK FOR PUBLIC STOCK OFFERING
Airbnb filed preliminary paperwork to sell company stock on Wall Street, undaunted by a global pandemic that has taken some wind out of its home-sharing business.
Pandemic Prescriptions: Vincent Bevins
Returning the Cities to Renters Europe’s tourism spots are using the crisis as a cure for Airbnb.
IN A FIRST, AIRBNB TAKES ACTION AGAINST GUEST FOR PARTY
For the first time, Airbnb is taking legal action against a guest for violating its ban on unauthorized parties.
HOTELS, AIRBNB BEEF UP CLEANING STANDARDS TO CALM TRAVELERS
Hotels and home-sharing companies are beefing up their cleaning efforts in order to soothe jittery travelers.