Airbnb Files to Go Public, Emphasizing “Community”
Despite a severe hit to its travel-based business model as a result of the pandemic, Airbnb has seen a rebound and is positive about building upon the net profits it saw in the last quarter. With positive earnings, the company announced its bid to IPO with a comprehensive prospectus. The company saw $219 million in net revenue in the last quarter, due in part to cost-cutting initiatives like layoffs and marketing cuts. Still, the prospectus is positive about how hospitality will rebound, noting “We believe that the lines between travel and living are blurring, and the global pandemic has accelerated the ability to live anywhere,” reported by CNBC.
MarketScale radio hosts Daniel Litwin and Tyler Kern dissect the news, bringing in the thoughts of Brian Lynch, Senior Research Analyst at EquityZen. Litwin considers Airbnb’s digital model, one that typically operates at a loss. With the IPO announcement, Litwin projects the decentralized business will gain popularity over traditional hotel competitors. Kern sees the travel industry coming back, albeit slowly, and as it does the appeal of privatized, personal stays draw more appeal than shared hotel spaces.
KEY POINTS:
- Typically operating at a loss, Airbnb shows growth during the pandemic and announces an IPO.
- Airbnb sees net profit of $219 million.
- Airbnb’s prospectus projects a positive outlook on travel and hospitality recovery.
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