Airbnb officially filed for an IPO and revealed its finances for the first time on Monday.
The company’s IPO prospectus shows $2.5 billion in revenue through the first nine months of 2020, down 32% year-over-year, with a net loss of nearly $700 million, growing from $322 million in the year-ago period.
Airbnb’s gross monthly bookings fell by 72% in April, a low for 2020, and have recovered through this year but are still trending down compared to 2019. The company did post net income of $219 million in the third quarter.
It’s been a roller coaster year for Airbnb and others including Seattle-based Expedia Group as the pandemic crushes the travel industry amid various restrictions and mandates. Airbnb laid off 25% of its 7,500-person workforce, slashed marketing expenses, and raised $2 billion in debt financing to weather the COVID-19