(Reuters) - Airbnb burned through more than $1.2 billion in cash between mid-2019 and mid-2020, ahead of its high-profile initial public offering (IPO), the Information reported https://bit.ly/3d8oEtw on Wednesday, citing financial documents.
The cash burn depleted more than a third of the company's cash reserves as of March 2019, after the COVID-19 pandemic-led plunge in global travel hurt Airbnb's balance sheet that had already been weakened by huge spending on hiring and marketing, according to the report.
The biggest portion of the cash burn was in the first quarter of this year, when the company had to pay out travel refunds due to the pandemic, the report added.
Earlier this year, Airbnb raised $2 billion in debt from investors such as Silver Lake and Sixth Street Partners.
Reuters reported last week that ...
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