Airbnb's initial public offering filing Monday showed profit in the third quarter as it gears up for one of the most highly anticipated stock market debuts in years.
Published ahead of the home rental startup's market debut in December, its IPO filing showed a dramatic recovery after the global health crisis dragged down its core business for the first half of this year.
The slump forced it to lay off a quarter of its workforce, suspend marketing activities for the year, and seek $2 billion in emergency funding from investors.
But the company has since bounced back by focusing on listing popular getaway homes for people seeking an escape from the big cities.
Airbnb's listing would cap a blockbuster year for IPOs, as companies seize on a stock market rally fueled by fiscal stimulus to blunt the fallout from the health crisis.
But Airbnb's road to going public is not without its challenges, including a hefty tax bill and a fall in revenue in the third quarter.
The company has not turned an annual profit since its launch in 2008, and warned that will likely be the case this year as well as it expects a decline in bookings and rise in cancellations in the fourth quarter.