Hospitality startup Airbnb, which is slated to debut one of the most anticipated IPOs of the year, burned through $1.2 billion in cash—or about a third of what it had on hand—between mid-2019 and mid-2020. That’s according to a report in The Information on Wednesday citing previously undisclosed financial documents obtained by the publication. The fastest cash burn occurred in the first quarter of 2020, according to The Information’s analysis, as Airbnb grappled with a double-whammy triggered by the COVID-19 pandemic: The company was handing out unprecedented refunds while at the same time seeing bookings on its platform plunge.
Source: Crunchbase News