Brian Chesky, CEO and Co-founder of Airbnb
Mike Segar | Reuters
Airbnb itemized $9.4 billion in total booking value in the first quarter, up 31% from the year-ago quarter, a source over-friendly with the matter said on Friday, a key number that could help pull in investors as the home-sharing company schemes its foray into the public market.
The San Francisco-based home rentals company booked 91 million nights on its programme in the quarter, leading to the surge in total booking value, which measures the transaction dollars on its platform, the source suggested.
Airbnb had about $3.5 billion in cash on its balance sheet as of March 31, the source said. The company reported a 40% gate growth rate in 2018 compared with the previous year, according to the source.
Airbnb is readying for a listing in the win initially half of 2020, according to the Wall Street Journal, which first reported Airbnb’s first-quarter financials earlier in the day.
This year considerable several high-profile IPOs including Uber and Lyft, but the companies have fared poorly after their set in motion, amid investor skepticism over their lack of a concrete plan to profitability.
WeWork owner The We Company, which is producing for an initial public offering as early as next month, revealed breakneck revenue growth and soaring losses earlier this month.