San Francisco-based home rentals company booked 91 million
nights on its platform in the quarter, leading to the surge in
total booking value, which measures the transaction dollars on
its platform, the source said.
Airbnb had about $3.5 billion in cash on its balance sheet as of
March 31, the source said. The company reported a 40% revenue
growth rate in 2018 compared with the previous year, according
to the source.
Airbnb is readying for a listing in the first half of 2020,
according to the Wall Street Journal https://on.wsj.com/2TCKZpc,
which first reported Airbnb's first-quarter financials earlier
in the day.
This year marked several high-profile IPOs including Uber Inc
and Lyft Inc, but the companies have fared poorly after their
launch, amid investor skepticism over their lack of a concrete
plan to profitability.
WeWork owner The We Company, which is preparing for an initial
public offering as early as next month, revealed breakneck
revenue growth and soaring losses earlier this month.
(Reporting by Ismail Shakil and Nivedita Balu in Bengaluru;
Editing by Leslie Adler)
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