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Airbnb racks up losses

CEO Brian Chesky (Credit: Airbnb)

Airbnb racked up a $322 million net loss for the nine months through September, down from a $200 million profit a year earlier, WSJ reported. The slide into the red could affect the company’s price tag in its highly anticipated IPO.

  • Worth Noting: The company was valued at $31 billion in its last private funding round in 2017; however, its most recent internal valuation was sharply less. Any IPO this year would likely be in the third quarter or later. 
  • Be Smart: Airbnb increased its revenue to $1.65 billion in the third quarter, up almost $400 million from a year earlier. But costs rose faster. Net profit for the quarter was $266 million—less than the $337 million profit for the same period in 2018. The company is the largest home-sharing platform in the U.S., with more than two million people on average booked every night into its listings world-wide.

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