Airbnb, Once Profitable, Lost $322M in 9 Months
Image Source: Esquire Middle East
Airbnb lost hundreds of millions of dollars last year as the home-sharing business attempted to address widespread safety and security issues on its platform.
The news comes as investors and executives gearing up for a planned public offering this year. The company lost $322 million in the first nine months of 2019, a drastic swing from the $200 million profit it generated during the same time period in 2018
More recently, the coronavirus has also hit Airbnb’s China business, which is reportedly down 80 percent from the same time last year. Additionally, the firm just entered skirmishes with contractors, and last week filed a lawsuit against a Miami-based partner that is working on a so far unsuccessful concept to launch branded apartments.
Source: The Real Deal