Airbnb records 30pc growth rate in Q1

19 August, 2019 12:00 AM printer

SAN FRANCISCO: Airbnb Inc recorded US$9.4 billion in total booking value in the first quarter, up 31 per cent from the year-ago quarter, a source familiar with the matter said on Friday, a key number that could help pull in investors as the home-sharing company plans its foray into the public market.

The San Francisco-based home rentals company booked 91 million nights on its platform in the quarter, leading to the surge in total booking value, which measures the transaction dollars on its platform, the source said, report agencies.

Airbnb had about US$3.5 billion in cash on its balance sheet as of March 31, the source said. The company reported a 40 per cent revenue growth rate in 2018 compared with the previous year, according to the source.

Airbnb is readying for a listing in the first half of 2020, according to the Wall Street Journal, which first reported Airbnb's first-quarter financials earlier in the day.