- Airbnb Inc’s initial public offering registration showed on Monday that the home rental startup turned a profit in the third quarter despite the COVID-19 pandemic, as it gears up for one of the most anticipated stock market debuts in recent years.
Airbnb’s revenue fell 18% in the third quarter to $1.34 billion from a year earlier, but it reported net profit of about $219 million, helped mainly by a clamp-down on costs. Its business took a bigger hit internationally than in the United States, reflecting the financial fallout of extensive lockdowns in Europe to contain the spread of the virus.
Airbnb has not turned an annual profit since its launch in 2008, and warned this will likely also be the case this year despite it being profitable in the third quarter. It said it expected a decline in bookings and rise in cancellations in the fourth quarter. Airbnb said that its co-founder and CEO Brian Chesky, who will remain in control of the company following the IPO thanks to shares with special voting rights, has agreed to a cut to his base salary from $110,000 to $1 amid the belt-tightening.
Airbnb achieved “unicorn” status in 2011, with listed properties in 13,000 cities across more than 180 countries at the time, after being valued at more than $1 billion in a funding round led by Andreessen Horowitz.
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