Airbnb posted profit of $219m amid pandemic: IPO

Airbnb posted profit of $219m amid pandemic: IPO

San Francisco: Airbnb posted a profit of $219 million (Dh804 million) in the just-ended quarter as its home-sharing model proved resilient during the global pandemic, the platform said Monday as it released its finances for its upcoming share offering.

The San Francisco-based startup nonetheless lost $697 million in the first nine months of the year amid a 32 per cent revenue drop as the COVID-19 outbreak crushed the travel sector.

But Airbnb said its home-sharing model has been “resilient” compared with others in the sector during the crisis.

“People wanted to get out of their homes and yearned to travel, but they did not want to go far or to be in crowded hotel lobbies,” the document said. “Our platform has proven adaptable to serve these new ways of travelling.”