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Airbnb takes in $1B in third quarter
Report last week indicated growth is slowing
Airbnb raked in $1 billion in net revenue in the third quarter of 2017, continuing a 17-month streak for the company.
The home-sharing company, founded nine years ago, first became profitable during the second half of 2016, Bloomberg reported. Over the last 17 months, Airbnb has reported a profit before interest, taxes and amortization.
But last week, Morgan Stanley released a report that indicated Airbnb’s growth may be slowing. According to the report, fewer U.S. and European travelers than expected indicated that they’d book stays with Airbnb next year. The report was based on an online survey of 4,000 consumers, which did not include Latin America and Asia. Sources told Bloomberg that Latin America saw a 150 percent increase in bookings this year compared to last.
Earlier this month, Airbnb fired 50 full-time employees and more than 100 contractors who prepared meals in the company’s offices, the Information reported. Airbnb CEO Brian Chesky said an outside food service firm was brought in to increase the number of meals served at its offices. [Bloomberg] — Kathryn Brenzel