Airbnb IPO filing shows slowdown in revenue growth due to COVID-19

(Reuters) - Home rental startup Airbnb Inc disclosed paperwork for its initial public offering (IPO) on Monday that showed a slowdown in its core business due to the COVID-19 pandemic, even as it prepares for one of the most anticipated stock market debuts in recent years. Airbnb reported revenue of $2.52 billion (£1.91 billion) for the nine months ended Sept. 30 compared with $3.7 billion a year earlier, according to its S-1 filing.

Reuters November 17, 2020 04:05:32 IST
Airbnb IPO filing shows slowdown in revenue growth due to COVID-19

COVID-19 " src="https://images.firstpost.com/wp-content/uploads/reuters/11-2020/17/2020-11-16T215607Z_1_LYNXMPEGAF1ML_RTROPTP_2_AIRBNB-IPO.jpg" alt="Airbnb IPO filing shows slowdown in revenue growth due to COVID19" width="300" height="225" />

(Reuters) - Home rental startup Airbnb Inc disclosed paperwork for its initial public offering (IPO) on Monday that showed a slowdown in its core business due to the COVID-19 pandemic, even as it prepares for one of the most anticipated stock market debuts in recent years.

Airbnb reported revenue of $2.52 billion (£1.91 billion) for the nine months ended Sept. 30 compared with $3.7 billion a year earlier, according to its S-1 filing. Net losses widened to $697 million, from $323 million a year earlier.

The listing on the Nasdaq is expected in December and would cap a blockbuster year for IPOs as companies capitalize on a stock market rally in the second half of the year, fueled by monetary as well as fiscal stimulus in a bid to blunt the fallout of the pandemic.

(Reporting by Anirban Sen in Bengaluru and Joshua Franklin in New York; Editing by Arun Koyyur)

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