The travel industry was one of the hardest hit industries adversely impacted by the COVID-19 pandemic. Despite the struggles the industry has faced as a whole, U.S. home rental company Airbnb plans to make its public market debut this year. The company filed its initial public offering (IPO) paperwork this month, revealing that despite an otherwise poor year as a result of the pandemic, it turned a profit of $219 million in the third quarter of 2020. By comparison, Airbnb made $227 million in profit during the same quarter in 2019.
This recent reporting by Airbnb shows the strength of the short-term rental housing market. Though the COVID-19 pandemic has disrupted the entire travel and hospitality sector, Airbnb included, Airbnb’s recent reporting reveals that the company can still be profitable—even during a pandemic. While Airbnb’s overall net loss for 2020 has greatly increased from 2019, its earnings during the third quarter of 2020 delivers some evidence that the service it provides is still in demand despite global lockdowns put in place throughout the year. This recent reporting, along with Airbnb’s decision to go public reveals that the company believes it is poised for exceptional growth in the future.
This content has been archived. It is available through our partners, LexisNexis® and Bloomberg Law.
To view this content, please continue to their sites.
For questions call 1-877-256-2472 or contact us at [email protected]