For a long time Airbnb shined in the profit-making department, when compared to other tech companies valued over a billion dollars. Now the once-profitable short-term rental platform is losing money, quickly.
"Airbnb has a profit problem," reports Rani Molla. Long one fo the few tech unicorns that turned a profit, Airbnb is longer making money, according to Molla.
According to a previous Wall Street Journal article that's behind a paywall, Airbnb posted a $322 million loss over the first nine months of 2019—just a year after making $200 million over the same period.
"Ahead of its intended IPO this year, Airbnb is spending big to deal with safety issues, upgrade its tech, and grow its user base. It’s also looking at a whole lot of red," explains Molla, who also digs into more detail on why the company has suddenly begun to lose money.
Read the full story: Why Airbnb is suddenly struggling to make money
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