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Short-term rental company Airbnb announced Monday that it will begin listing procedures, after posting a net profit of $ 219 million in the last quarter, according to CNBC.
Revenues in the third quarter reached $ 1.34 billion, 19% less than the amount reported in the same period last year – $ 1.65 billion. Despite the barriers raised by the first wave of restrictions, the company was back in the black in July-September, after posting profits in the second and third quarters of 2018 and the third quarter of 2019.
The company said it will use the stock symbol “ABNB” on the Nasdaq and plans to put more emphasis on building a community between hosts and guests who use the app.
In 2019, Airbnb posted a net loss of $ 674 million on revenue of $ 4.81 billion. Since the beginning of the year, net losses have reached $ 697 million and revenues have exceeded $ 2.5 billion, the decline being generated by the coronavirus pandemic, which has hit global tourism hard.
Airbnb has raised $ 2 billion in funding to support its investments this year, announcing by the end of spring that it will lay off roughly 25% of its total workforce, or nearly 1,900 employees.
One of Airbnb’s earliest investors is Amazon CEO Jeff Bezos, who currently owns a fortune of $ 184 billion, according to the Bloomberg Billionaires Index.
The US economy lost $ 443 billion due to restrictions on the tourism industry, notes the US Travel Association.
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