Airbnb IPO filing shows slowdown in revenue growth due to COVID-19
HOME & AWAY
By Reuters | November 17th 2020
Home rental startup Airbnb Inc disclosed paperwork for its initial public offering (IPO) on Monday that showed a slowdown in its core business due to the COVID-19 pandemic, even as it prepares for one of the most anticipated stock market debuts in recent years.
Airbnb reported revenue of USD2.52 billion for the nine months ended Sept. 30 compared with USD3.7 billion a year earlier, according to its S-1 filing. Net losses widened to USD697 million, from USD323 million a year earlier.
The listing on the Nasdaq is expected in December and would cap a blockbuster year for IPOs as companies capitalize on a stock market rally in the second half of the year, fueled by monetary as well as fiscal stimulus in a bid to blunt the fallout of the pandemic.
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