When is that IPO coming, again? And how interesting is it that this news comes just days after an arguable negative report from Morgan Stanley about the health of Airbnb's business?
Airbnb Inc., the home and apartment rental company, pulled in about $1 billion in net revenue for the quarter ended in September, according to people familiar with its financial results.
The third quarter gross income continued Airbnb’s profitability streak.
The nine-year old travel upstart has maintained a steady profit before interest, taxes and amortization, for at least 17 months, said the people who asked not to be identified discussing the private company’s earnings.
Airbnb first became profitable during the second half of 2016, the people said.
Last week, Morgan Stanley released a report that said Airbnb’s growth is slowing. The analysts based their view on an online survey of 4,000 consumers from the United States, United Kingdom, France and Germany.
The survey did not include Latin America and Asia, which saw an 80 percent growth in bookings compared to the previous year, says one of the people.
Latin America, saw bookings increase by 150 percent for the same amount of time, said the person.
[Skift Editor’s Note: Read more about how profitability figures into Airbnb’s pursuit of an IPO here.]
©2017 Bloomberg L.P. This article was written by Olivia Zaleski from Bloomberg and was legally licensed through the NewsCred publisher network. Please direct all licensing questions to email@example.com.
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Photo Credit: Airbnb's three co-founders (from left): Joe Gebbia, Nathan Blecharczyk, and Brian Chesky. Reports say the company has been profitable for the past 17 months. Airbnb