Airbnb tallied a 31% first-quarter increase compared to 2018 when it recorded a $9.4 billion total booking value, boosting its public market bid by 2020, a source relevant to the matter said.
With almost $3.5 billion cash at hand on its balance sheet as of March 31, the home-sharing company rides into high expectations from potential shareholders as it plans to go public.
The critical growth rate could help Airbnb attract investors according to the Wall Street Journal, which reported Airbnb’s first-quarter financials.
The San Francisco-based home rentals company eyes for an Initial Public Offering (opening its shares to the public) by the first half of 2020.
On its primary platform, the company booked 91 million nights in the first three months of the year, drawing a surge in the booking value, which in effect, measures the transaction dollars generated.
Looking into 2018 financials, the company presented a 40% revenue growth rate compared with its previous year, the source said.
Investor skepticism and foreseeable profitability were the main issues of Uber Inc. and Lyft Inc., which fared poorly after their IPO launch early this year.
Though eyeing for an IPO listing next month, WeWork owner The We Company earlier this month revealed a sinking financials and soaring revenue loss.