In a huge bet that the global travel industry will one day come roaring back to pre-pandemic life, home-sharing giant Airbnb filed for its initial public offering of stock this afternoon.
The San Fransisco company said in its much-anticipated S-1 filing and prospectus that it lost $697 million in the first nine months of 2020 as the effects of COVID-19 ate into its business. Revenue for that period was $2.5 billion, down more than 30% from the same period last year.
Airbnb says it will trade on the Nasdaq under the ticker symbol ABNB. Its market debut, expected before the end of 2020, would cap a year of hot tech-focused IPOs that have defied the worst economic crisis in more than a decade. In the filing, the company listed what it considered to be the greatest risks to its business, and not surprisingly, COVID was top of mind.