Home rental company Airbnb’s quarterly revenue plunges 67%

REUTERS/Charles Platiau

Short-term home rental company Airbnb Inc’s quarterly revenue plunged 67% as fewer people traveled due to the COVID-19 pandemic, but its plans for a stock market debut before year’s end are still on, Bloomberg reported, citing people familiar with the matter.

Revenue fell to $335 million in the second quarter ended June 30, from more than $1 billion last year, the report said on Wednesday, adding that loss before interest, taxes, depreciation and amortization came in at $400 million.

The company showed some signs of recovery towards the end of the quarter, with bookings down 30% in June from a year earlier, compared with a 70% decline in May year over year, according to the report.

Airbnb declined to comment.

The company’s plans to go public, one of the highly awaited stock listings this year, come at a time when its home-rental business has been hit hard by the pandemic, which has forced millions of people to postpone their travel plans.

Airbnb is close to confidentially filing paperwork for an initial public offering (IPO) with the U.S. Securities and Exchange Commission later in August, a media report on Tuesday said.

Its guests have booked more than 1 million nights globally as of July 8 and a major part of the bookings were for trips that will start on or before Aug. 7, the company said in July, adding it hit the 1 million mark for the first time since March 3.

The company spent $569 million on operating activities in the three months to March 31, compared with $314 million it brought in from operating activities the year earlier, according to Bloomberg.

Reuters

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Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.