Airbnb is in the challenging position of preparing to go public amid a slump in revenue. But relative to the rest of the travel industry, the company is thriving.
In its IPO prospectus on Monday, Airbnb said that third-quarter revenue dropped 18% to $1.3 billion. Compare that to food delivery company DoorDash, which said in its filing on Friday that sales in the latest quarter more than tripled. Among the year’s hottest IPOs to date, software maker Snowflake’s revenue more than doubled in the quarter before it went public, while gaming company Unity grew 43%.