Airbnb Details Years of Losses Ahead of Planned IPO

upstart writes in with an IRC submission for c0lo:

Airbnb details years of losses ahead of planned IPO:

Airbnb was losing money even before the pandemic struck and cut its revenue by almost a third, the home-sharing company revealed in documents filed Monday ahead of a planned initial public offering of its stock.

The San Francisco-based company has yet to set a date for the IPO but it is laying the groundwork by filing financial records with U.S. securities regulators.

The documents show that leading up to the coronavirus outbreak earlier this year, Airbnb was spending heavily on technology and marketing to grow its business. The company said it was expanding its operations

Airbnb said that indicates its business model is resilient and can adapt to future travel needs, including an increase in business travelers who want to work from a rental home.

"We believe that the lines between travel and living are blurring, and the global pandemic has accelerated the ability to live anywhere," the company said.

Airbnb said it currently has 7.4 million listings run by 4 million hosts worldwide. Eighty-six percent of its hosts are outside the U.S. and 55% are women, the company said.

The company said it had 54 million guests in 2019.

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