Airbnb’s third-quarter earnings resist virus drag, IPO shows

Airbnb Inc’s quarterly profit advanced in the third quarter amid the coronavirus pandemic, the company’s initial public offering (IPO) registration showed on Monday. Moreover, the figure came as the home rental startup heads toward one of the most anticipated stock market debuts in recent years.

Prior to the company’s stock market debut in December, its filing revealed a sharp jump in its fortunes. The rebound came after the COVID-19 crisis weighed on its core home rental business during the first half of 2020.

While its revenue recorded an 18% decline in the third quarter to $1.34 billion year-on-year, its net profit reached $218 million. The increase could be attributed to cost reduction, with its overseas business taking a larger hit than in the United States.