AirBNB Quarterly Revenue Down

CBJ — AirBNB suffered a huge 67% quarterly revenue decline with very few people taking advantage of the company’s short-term home rental accommodations due to the COVID-19 pandemic.

Second quarter revenue plunged more than $600 million compared with last year’s intake of more than $1 billion. This year’s loss before interest, taxes, depreciation and amortization was about $400 million.

Despite the negative numbers the company still plans to go public and is looking to submit paperwork for an initial public offering (IPO) with the U.S. Securities and Exchange Commission later this month.

Guests have booked more than one million nights worldwide this year as of early July. AirBNB spent about $570 million on operations in the three months to March 31, compared with $314 million it brought in from operating activities in 2019.