After Airbnb hit the brakes earlier this year, the rental platform has now decided to hand in papers to go to the stock exchange. The company has been hit hard this year by the coronacrisis, but still sees bright spots.
In the first nine months of the year, it turned a loss of EUR 590 million on a turnover of EUR 2.1 billion. The biggest blow fell in the second quarter – the months of April, May and June – when many countries were in lockdown. The bright spot can be seen in the third quarter: a profit of 184 million euros.
Need for travel, but no hotels
Airbnb saw its turnover “significantly decline” in early 2020, but then notes that demand was falling back within two months, despite limited international travel traffic. “People wanted to get out of their homes and needed travel, but they didnt want to go far or to crowded hotels.”
The company also sees the increase in the number of longer stays in Airbnbs as people can work from anywhere because offices are closed. “We believe that the boundaries between travel and life are fading, and the pandemic has accelerated the ability to live anywhere.”
In April, during the period when Airbnb was hit hardest by the crisis, it received an investment of EUR 0.8 billion and on top of that, it took a loan of another EUR 0.8 billion.