Airbnb said Friday it took in more than a billion dollars in revenue in the past three months, calling it the best quarter ever for the home-sharing giant as it readies a stock market offering.

"The third quarter of 2018 was the strongest quarter in Airbnb history, and the first quarter in which Airbnb recognized substantially more than $1 billion in revenue," the company said in a memo shared with AFP.

The revelation came as Airbnb prepared for an initial public offering (IPO) as soon as the middle of next year at a valuation estimated to be more than $30 billion.

As a private company, Airbnb is not required to disclose its performance, and the memo offered no detailed financial information. The San Francisco-based service is believed to be on course to be profitable for the second year in a row.

More than 400 million guests "arrivals" have been logged at Airbnb lodgings since the service launched a decade ago, according to the company.

The number of Airbnb guests in the third quarter soared in Beijing, Mexico City, Johannesburg, and Birmingham, England, the memo noted.

Airbnb expected that nearly a million guests will stay in US lodgings booked through its service during the Thanksgiving holiday weekend later this month.

Airbnb has become a target for regulators and critics who contend the service skirts taxes and hotel regulations while increasing pressure on housing by enticing property owners to make homes available to visitors rather than residents.

The main trade group for French hotels has sued the home-sharing giant, accusing it of unfair competition by "knowingly violating" rules imposed as part of a crackdown in one of Airbnb's biggest markets.

Paris has led the charge in France against Airbnb and other home-sharing platforms, claiming they have driven up home prices while depriving municipalities of taxes on income which often goes undeclared.

The moves echo actions taken in other tourist hotspots like Amsterdam, Barcelona, Berlin and New York.

Related Links
Satellite-based Internet technologies

Tweet

Thanks for being here; We need your help. The Space Media Network continues to grow but revenues have never been harder to maintain. With the rise of Ad Blockers, and Facebook - our traditional revenue sources via quality network advertising continues to decline. And unlike so many other news sites, we don't have a paywall - with those annoying usernames and passwords. Our news coverage takes time and effort to publish 365 days a year. If you find our news sites informative and useful then please consider becoming a regular supporter or for now make a one off contribution.
SpaceMediaNetwork Contributor $5 Billed Once credit card or paypal		SpaceMediaNetwork Monthly Supporter $5 Billed Monthly paypal only

New Amazon HQ split between New York, Washington suburbs
Arlington, United States (AFP) Nov 13, 2018
Amazon's "second headquarters" is being split between New York City and the Washington suburbs, the US tech giant announced Tuesday, capping a yearlong contest that saw dozens of cities fight it out for a promised $5 billion investment and 50,000 expected jobs. The chosen locations are Long Island City neighborhood in the New York borough of Queens, across the East River from Manhattan, and the Crystal City section of Arlington, Virginia, across the Potomac from the US capital. Both districts of ... read more