Tuesday, 17 Nov 2020 10:48 AM MYT
The filing, published ahead of Airbnb's anticipated stock market debut in December, showed a dramatic recovery in its fortunes, after the coronavirus outbreak dragged down its core home rental business during the first half of the year. “The recovery in the second and third quarters of 2020 is attributable to the renewed ability and willingness for guests to travel, the resilience of our hosts, and relative strength of our business model,” Airbnb said.
The company also revealed it faces a hefty tax bill. It said that the US Internal Revenue Service informed it in September it owed US$1.35 billion, plus penalties and interest, over the sale of international intellectual property to a subsidiary in 2013. Airbnb said it would “vigorously contest” the tax adjustment.
It expanded its listings to include apartments, houses, and vacation rentals in the following year after taking seed funding from investors, including Sequoia Capital.