Business

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

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

Photo: REUTERS/Dado Ruvic/Illustration
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Home rental startup Airbnb 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.

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Airbnb reported revenue of $2.52 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 the fiscal stimulus in a bid to blunt the fallout of the pandemic.