Home rental operator Airbnb has filed for its long-awaited initial public offering and indicated its intention to go ahead this year. The company said it made a third quarter profit.
For its latest quarter, the company reported a profit of $219 million on revenues of more than $1.34 billion.
Its earnings for the period are slightly lower than the $227 million generated over the same quarter last year - its only profitable quarter for the entire year.
The first few quarters of 2020 were brutal for the company's operations as the pandemic halted the world travel industry. Demand for its services dwindled as countries shut borders. Over the first two quarters, the company reported a loss of $916 million on revenues of $1.18 billion.
Airbnb's decision to move ahead with its planned initial public offering comes at a particularly uncertain time as the pandemic continues to affect economies around the world. The company announced in September last year it was going to list this year.
In August, the company confidentially submitted paperwork with the U.S. Securities and Exchanges Commission, underlining its intention to move ahead with its initial public offering.
In its most recent filing, submitted late Monday, Airbnb said it expected further declines in bookings and an increase in cancellations given the reemergence of the pandemic.
The company said it expected to face further challenges ahead. Airbnb said that "ambiguous laws and regulations" pertaining to the health crisis could have adverse effects on its operations.
Over the past months governments have imposed bans on parties and gatherings. During the height of the pandemic, Airbnb was forced to change its rules to prevent large gatherings and short-term rentals.
