Airbnb, a company everyone thinks of as phenomenally successful, whether you love it or hate it, has just turned its first profitable year. According to industry-watcher Recode, the profit is around $100 million.
For the company’s owners, that’s good new on the way to an initial public offering of the company’s stock, perhaps later this year. The better the company is doing, the more they will clear when the stock sale takes place.
On the way to its new public-company status, Airbnb, now ten years old, has made some changes. In addition to its short-term rental business, it has been developing ‘experiences’ to sell, including guided visits, classes and concerts. It’s also added outside experience to its board, most notably recently-retired American Express chairman Ken Chenault.
On the minus side, the company continues to struggle in many cities with regulations limiting short term rentals, and the perception that its operations drive up rents and limit housing options for local residents.
Photo: Where Airbnb lives…company headquarters
