Ahead of IPO, Airbnb achieves profitability for second year in a row
Airbnb, which is expected to go public this year, announced today a number of milestones. For starters, Airbnb says it was profitable on an EBITDA (earnings before interest, taxes, depreciation and amortization) basis for the second year in a row in 2018.
In Q3 2018, Airbnb said it had its strongest quarter ever, where it saw “substantially more” than $1 billion in revenue. The following quarter, Airbnb found a replacement for former CFO Laurence Tosi, who left amid tension between him and Airbnb CEO Brian Chesky. To lead the home-sharing giant into its next phase, Airbnb brought on Dave Stephenson, a long-time Amazon executive.
“He will use his experience in growing large businesses quickly at scale to ensure we are investing for both growth and long-term profitability,” Airbnb wrote in a press memo today.
Airbnb also announced it expects to hit 500 million arrivals by the end of Q1 2019.