Airbnb Files To Go Public
Airbnb released its prospectus today, becoming the latest big name to join the push to go public during the COVID-19 pandemic. CNBC reports: The company made $219 million in net income on revenues of $1.34 billion last quarter. That was down nearly 19% from $1.65 billion in revenue a year prior. Despite primarily turning net losses, the company has had other occasional quarters of profitability, including the second and third quarters of 2018 and the third quarter of 2019. The company said it plans to trade under the symbol "ABNB" on the Nasdaq. In its prospectus, the company put an emphasis on building a community around its hosts and guests, positioning that community as a differentiating factor from its competitors. The company said it would set up 9.2 million shares of non-voting stock aside in an endowment fund for hosts. "Our guests are not transactions -- they are engaged, contributing members of our community," the company said in its prospectus summary. "Once they become a part of Airbnb, guests actively participate in our community, return regularly to our platform to book again, and recommend Airbnb to others who then join themselves. This demand encourages new hosts to join, which in turn attracts even more guests. It is a virtuous cycle -- guests attract hosts, and hosts attract guests."
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