From selling cereals to keep the company afloat to going public with a $47 billion valuation, Airbnb has come a long way since 2012. The home rental company begins trading today and will trade under the ticker ABNB at $68 a share. Making it the largest U.S. initial public offering of 2020.
From selling cereals to keep the company afloat to going public with a $47 billion valuation, Airbnb has come a long way since 2012. The home rental company begins trading today under the ticker ABNB at $68 a share, making it the largest U.S. initial public offering of 2020.
Airbnb connects travelers and tourists with local hosts and then charges booking fees. Like most travel and tourism companies, Airbnb was hit hard by the pandemic. The company saw a large number of cancellations and slow bookings resulting in a massive loss of $575.6 million. It made $334.78 million in revenue in the second quarter of 2020, down 72% from the same time in 2019.
Airbnb’s initial response to the pandemic was to cut losses. They laid off 25% of the workforce, reduced marketing expenses and gutted 2020 bonuses. Even the executives signed on to a 6-month pay cut. In May, glimmers of hope began to appear as customers returned, and Airbnb reported a third-quarter profit of $219.3 million.
Before the pandemic, Airbnb was rapidly growing. Revenue rose from $2.6 billion in 2017 to $3.7 billion in 2018 and $4.8 billion in 2019. However, the revenue rain led to a flood of losses. Losses widened from $70 million in 2017 to $674.3 million in 2019.
The coronavirus remains one of the biggest challenges to the hospitality sector. The pandemic has greatly restricted guest movements, and a number of hosts & prospective hosts are also opting not to list their accommodations on the service. Beyond the pandemic, there are growing security concerns, such as guests hosting unauthorized parties that have become violent, and a reported case of a shooting at a party in California that left people dead and injured. The company added new rules in an effort to improve safety.
Amidst the challenges that Airbnb faces, it is still a force to be reckoned with in the hospitality industry. We can’t wait to see what the future holds for this company.
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