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Airbnb profit soars on pandemic-era lifestyles

elean
2 minutes

NEW YORK (AFP) - Airbnb on Thursday (Nov 4) reported record-high profit in the recently ended quarter as bookings surpassed pre-pandemic numbers, with remote work trends boosting the home-sharing platform. Users spent nearly US$12 billion (S$16.2 billion) on overnight stays and associated "experiences" through Airbnb, up significantly from the same period a year ago as well as from the same quarter in 2019 before the Covid-19 pandemic stalled the travel industry. "Something bigger than a travel rebound is happening," Airbnb said in a letter to shareholders. "The world is undergoing a revolution in how we live and work." Remote work has freed people to work anywhere, including Airbnb lodgings at desirable destinations, according to the San Francisco-based company. "This newfound flexibility is bringing about a revolution in how we travel," Airbnb said in the letter. "Millions of people can now take more frequent trips, take longer trips, travel to more locations, and even live anywhere on Airbnb." Airbnb reported a record-high quarterly profit of US$834 million on unprecedented revenue of US$2.2 billion. Airbnb said user trends included people booking lodging closer to home and opti...

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Airbnb shines as Dow, S&P 500 edge lower

elean
2 minutes

NEW YORK (AFP) - Wall Street stocks had a mixed session on Thursday (Dec 10) following disappointing employment data, while Airbnb rocketed higher in its market debut. New applications for unemployment benefits in the US surged last week by 137,000 to 853,000, according to government data, far higher than economists had been expecting and a sign the latest spike in coronavirus cases is weighing on activity. The Dow Jones Industrial Average fell 0.2 per cent to 29,999.26. The broad-based S&P 500 slipped 0.1 per cent to 3,688.10, while the tech-rich Nasdaq Composite Index gained 0.5 per cent to 12,405.81. The weak jobs data comes as negotiations on another US relief package continue. Democratic House Speaker Nancy Pelosi said lawmakers may stay in Washington through the Christmas holiday to pass a new spending Bill. While Congress has yet to move, the European Central Bank announced new stimulus measures to help the eurozone weather a second wave of the coronavirus, underscoring anew the robust response of central banks. Even with Thursday's indecisive session, major indices remain near record levels, propelled by optimism over coronavirus vaccines and ample liquidity following Feder...

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Airbnb reaches $62.8 billion value in above-range IPO

elean
2 minutes

NEW YORK (BLOOMBERG) - Airbnb, within hours of DoorDash nearly doubling in its trading debut, priced its initial public offering (IPO) above a marketed range to raise about US$3.5 billion (S$4.68 billion), according to people familiar with the matter. The home-rental company's IPO - anticipated for years by eager investors - tops DoorDash's US$3.37 billion offering as a flurry of consumer-facing web-based companies going public this month continues. Airbnb's listing adds to what was already a record year for IPOs, with more than US$163 billion raised on US exchanges, according to data compiled by Bloomberg. Airbnb and its investors are selling about 52 million shares on Wednesday for US$68 each after marketing them for US$56 to US$60 each, said the people, who asked not to be identified because the information wasn't public yet. At that price, Airbnb has a fully diluted value of about US$47 billion (S$62.8 billion), which includes employee stock options and restricted stock units. A representative for Airbnb declined to comment. Other companies lined up for IPOs this month include video-game company Roblox Corp, installment loans provider Affirm Holdings and ContextLogic, the paren...

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Airbnb sets stage for blockbuster IPO with choice of Nasdaq listing

elean
2 minutes

NEW YORK (REUTERS) - Home-rental startup Airbnb plans to list its shares on the Nasdaq, setting the stage for one of 2020's most high-profile stock market debuts. Earlier this month, Reuters reported the company was aiming to raise US$3 billion (S$4.1 billion) in its initial public offering ( IPO), which could give it a valuation of more than US$30 billion, and that it was targeting a listing before the end of the year. The push to go public and the growth in its potential valuation underscores Airbnb's dramatic recovery from the Covid-19 pandemic earlier this year, when it secured emergency funding from investors and the outlook for the travel industry was uncertain. San Francisco-based Airbnb, which has benefited as travelers shy away from larger hotels and instead prefer to drive to local vacation rentals, said in July that customers had booked more than 1 million nights in a single day for the first time since March 3. Airbnb did not give a timeline for when it may complete its IPO. The company had filed confidentially for an IPO with US regulators in August. Reuters reported earlier this year that billionaire investor William Ackman had approached Airbnb about going public thr...