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For Airbnb, the focus has always been on user acquisition and growth. That focus has come at the expense of becoming profitable, and there's no assurance that a solution to that issue is coming.
"We have incurred net losses in each year since inception, and we may not be able to achieve profitability," the filing says. "We incurred net losses of $70.0 million, $16.9 million, $674.3 million, and $696.9 million for the years ended December 31, 2017, 2018, and 2019, and nine months ended September 30, 2020, respectively. Our accumulated deficit was $1.4 billion and $2.1 billion as of December 31, 2019 and September 30, 2020, respectively."
This has been particularly worsened by the pandemic.
"In particular, we expect the ongoing economic impact from the COVID-19 pandemic to have a material adverse impact on our revenue and financial results for 2020 and beyond. While we have enacted measures to reduce our expenses, we expect to incur a significant net loss for 2020 as a result of the COVID-19 pandemic, and we are utilizing a significant portion of our cash to support our operations in 2020 resulting from a material decrease in bookings and revenue as compared to 2019."
If you're interested in reading the full IPO filing, you can find it right here.
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