Airbnb books first full-year profit in 2017 as China business takes off
Airbnb is set to book its first full year of profitability, putting it in a rare class among large venture-funded Silicon Valley companies.
A source familiar with Airbnb's financials said the company will end 2017 with bookings up approximately 50 percent from 2016.
CNBC reported previously that revenue last quarter hit about $1 billion, up more than 50 percent from the same period last year.
Making money — not losing it — puts Airbnb in stark contrast to other tech upstarts such as Uber, Lyft and Spotify.
According to the company, that push is showing early results. Airbnb told CNBC that guest arrivals at listings in China grew 180 percent from the previous year to 1 million in the third quarter, making the market its second-fastest-growing country during the period, after Cuba. Just 3 years ago, in 2014, Airbnb had roughly 10,000 guest arrivals in China in the third quarter.
Investors have focused on the bright spots, putting another $1 billion into the start-up, bringing its valuation to $31 billion — more than the valuations of publicly traded hotel giants Hilton and Hyatt.
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