PHOTO: For all of 2020, Airbnb lost nearly $4.6 billion
- For all of 2020, Airbnb lost nearly $4.6 billion, the company reported Thursday
- Includes one-time charge of $2.8 billion for stock compensation related to IPO
- Travel industry struggled in 2020 as coronavirus pandemic limited movement
- But Airbnb saw bookings rebound in the holiday quarter as more took short trips
- Vacation rental firm outperformed hotels who rely more on business travel
- Airbnb stock rose more than 9% on Friday morning following the report
Home-sharing site Airbnb posted a $4.6 billion loss for 2020 as it suffered from the pandemic downturn in travel and recorded one-time costs for becoming a public company.
In results released Thursday – Airbnb’s first as a publicly traded entity – the company took a charge of $2.8 billion for stock compensation related to the IPO. A year earlier, the company lost $674 million.
However, gross bookings for the fourth quarter ending December 31 were better than expected, indicating a strong rebound in demand for vacation rentals in North America as restrictions ease. Airbnb stock rose as much as 9 percent in early trading Friday.
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