revenue
Airbnb reported a 31 per cent increase in booking revenue [Credit: Airbnb]

Airbnb reports 31 per cent increase in booking revenue

US: Airbnb has announced that it posted a record $9.4 billion in bookings during the first quarter of the year, marking a significant 31 per cent increase in booking revenue compared to the same period last year.

The news was reportedly revealed by an anonymous source close to the matter, according to Reuters.

The source also revealed that the vacation rental platform had booked up to 91 million nights on its platform in the first quarter of the year, which led to a surge in the firm’s total booking value.

Furthermore, it was disclosed that Airbnb had a lump sum of $3.5 billion in net cash on its balance sheet as of 31 March, while the company reported a 40 per cent surge in its revenue growth in 2018 compared with the previous year.

The firm has long been reported to have been preparing for an initial public offering in the neat future and the source’s revelations coincided with the publication of a Wall Street Journal article stating that the company was working on a public listing by the first half of 2020.

High-profile IPOs have already taken place this year courtesy of Uber and Lyft Inc, while WeWork owner The We Company is also thought to be preparing for one as early as next month.

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