Airbnb reports COVID-19 has adversely affects the recent operating and financial results. The company admitted that it is still impacting the long-term operating and financial results. Airbnb operating activities has generated $1 billion of net cash and incurred $507 million of purchases of property and equipment cumulatively from January 1, 2011 through December 31, 2019.
"We believe that we are still early in the global shift in consumer preferences toward one-of-a-kind stays and experiences, which provides an opportunity to further grow our community and business," said the company. The company added "COVID-19 has materially adversely affected our recent operating and financial results and is continuing to materially adversely impact our long-term operating and financial results. However, we believe that as the world recovers from this pandemic, Airbnb will be a vital source of economic empowerment for millions of people".
In 2019, Airbnb generated Gross Booking Value of $38 billion, representing growth of 29% from $29.4 billion in 2018 and a revenue of $4.8 billion, representing growth of 32% from $3.7 billion in 2018. The data as on September 30 reports Airbnb had over 4 million hosts around the world, with 86 per cent of hosts located outside of the United States.
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