In the midst of the global pandemic, the multibillion-dollar hospitality industry faces both ups and downs. The company still thrived despite this year’s massive obstacle, considering its 4 million hosts and guests.
Founded in 2007, Airbnb announced its initial public offering (IPO), which seeks to raise about $3 billion this December.
This multibillion hospitality industry has both ups and downs, especially in the midst of the global pandemic. With over 4 million hosts and guests using this platform, no wonder the company still thrived and endured this year’s massive obstacle.
The company recently released its S-1 filing could set a valuation of more than $30 billion, which is a higher valuation they received this year in April, amounting to $18 billion. When it will be confirmed, and these figures remain unchanged, this San Francisco-based company gains recognition as one of the largest market capitals in the accommodation and online travel industry.
Quick Financial Update
Airbnb made $219 million last quarter and $1.34 billion on revenues, which was 19% lower in revenue last year. Further, it lost $696.9 million for the first nine months this year but earned $2.5 billion during the same time period.
Brian Chesky, the CEO, expressed that the company made some difficult decisions in 2020. This followed one of their cost-cutting initiatives that lay off nearly 1,900 of their total employees.
Up to this date, Airbnb offered no date regarding the start of trading, but reports said it would be listed under the trading symbol “ABNB” on the Nasdaq Global Market.
Joining Others’ Market Debuts
Food delivery service DoorDash also did the same thing as the company aims to raise at least $2 billion with a startup valuation of $25 billion from its initial value of $16 billion.
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