Accommodation rental platform Airbnb performed better than expected in 2020 with revenue only falling by 30%, despite the ongoing Covid-19 pandemic.
The US-based company, which listed on the Nasdaq stock exchange in December 2020, recorded sales of $3.4 billion last year – down from $4.8 billion in 2019.
This drop was an improvement on earlier predictions that Airbnb’s sales could reduce by more than 50% in 2020 due to the pandemic – revenue was boosted by a stronger fourth quarter when sales only fell by 22% year-on-year.
Airbnb recorded a net quarterly loss of $3.9 billion between October and December, while its loss for 2020 was $4.6 billion. Although these losses were inflated by charges associated with its flotation.
Brian Chesky, Airbnb’s co-founder and chief executive, said: “Our performance in 2020 showed that Airbnb is resilient and inherently adaptable. Travel is coming back and we are laser-focused on preparing for the travel rebound.”