Airbnb Inc. presented documents for its initial public offering on Monday, showing that the home-sharing giant made a profit in the third quarter after a coronavirus pandemic forced it to revamp its business and cut costs
The company’s revenue for the three months ended Sept. 30 fell 18 percent to $ 1.34 billion from the same period a year earlier as the pandemic continued to damage provisions. But deep spending cuts, coupled with rising revenue from previous quarters, still made it make a profit of $ 219 million. Last month, the Wall Street Journal reported that Airbnb would be profitable during the period.
Airbnb lost $ 697 million in the first nine months of the year, more than twice as much as it lost the previous year, highlighting the victims of the health crisis. Revenue fell 32% over the nine-month period.
The ability of the home-sharing platform to resuscitate to profitability and continue with the upcoming public offering shows how unpredictable ̵
However, Airbnb warned that the recent surge in Covid-19 infections in Europe could hamper its outlook for the fourth quarter.