Though the coronavirus pandemic has upended travel around the globe, the home-rental industry has bounced back faster than the hotel industry, aiding Airbnb in its upcoming initial public offering…
In September, FOX Business reported the home rental platform saw a huge demand for its bookings amid the pandemic, seeing an average 32% week-over-week growth from April 27 to the beginning of June.
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The surge continued into July and August, despite hotel companies such as Hilton Worldwide and Marriott not seeing the same bounce back.
“Airbnb spending in July was up 22% over the previous July, and spending the week of August 17 was 75% higher than the equivalent week in 2019,” FOX Business reported, citing data from Edison Trends.
Here are a few facts to know about Airbnb’s upcoming IPO, compiled by FOX Business.
Roughly $3 billion.
In August, news outlets reported that the home-sharing platform would seek to raise approximately $3 billion in the offering, which would value the company at approximately $30 billion.
CEO Brian Chesky.
“While we know Airbnb’s business will fully recover, the changes it will undergo are not temporary or short-lived,” Chesky told employees at the time. “Because of this, we need to make more fundamental changes to Airbnb by reducing the size of our workforce around a more focused business strategy.”
Not there yet.
According to Bloomberg, Airbnb’s most recent quarterly revenue was $335 million, a decline of 67% year-over-year.
It generated $4.8 billion in revenue last year, though it lost $322 million during the first nine months of 2019.
However, the company did have…
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