Airbnb, an American based company reported a tumbling revenue and mounting losses in their second quarter, but the home-sharing startup is still eyeing a stock market debut before the year’s end. As per the private information, the revenue of Airbnb fell into $335 million in the period ending 30th June.
According to the report on financial information by Bloomberg indicates that it is based on the shift that reflects the magnitude of the impact of the coronavirus pandemic on global travel and it is also a steep decline from the $842 million in sales in the first quarter.
The company has recorded a loss of $400 million before the interest, taxes, depreciation, and amortization in the second quarter. when they compared with a loss of $292 million last year, the company reported an adjusted loss of $341 million in the first quarter. The company started to indicate some signs of recovery at the tail end of the period, with bookings down of30 percent in June from a year earlier, compared with a 70 percent decline in May, year over year
Mr. Brian Chesky, the Chief Executive Officer of the company had originally intended to initiate the listing process with the U.S. Securities and Exchange Commission on 31st March. This was done before the Covid-19 outbreak which closed borders, ground flights to a halt and left the company with more than $1 billion in cancellations, With the markets in which turmoil, plans were put on hold. Airbnb had been one of the most highly anticipated stock listings of this year.
The company has spent over $569 million on its operating activities in the three months to 31st March, it is a big swing from $314 million as it brought in from operating activities the year earlier. Some reports mention that the company is planning to file paperwork to go public in the next few weeks, paving the way for its shares to be trading as soon as the fourth quarter. The impact of the COVID-19 pandemic affects the travel industry very badly and most of them are in crisis now.