Airbnb revealed declining revenue and growing losses in a prospectus for an initial public offering on Monday.

The offering, which could value Airbnb at more than $30 billion and raise as much as $3 billion, will test investors’ appetite for hospitality-related stocks in a year when the industry has been battered and its future is uncertain, The New York Times’s Erin Griffith reports.

The company provides a marketplace for people to rent their homes, taking a percentage of the fees, and facilitates bookings for activities. Here are some highlights:

  • In total, Airbnb brought in $2.5 billion in revenue in the first nine months of the year, down from $3.7 billion a year earlier.

  • Its net loss more than doubled during that period to $697 million. The company’s shrinking revenue means it cannot pitch Wall Street on the typical tech start-up narrative of soaring growth.

  • Airbnb was valued at $31 billion before the pandemic, but some investors bought shares valuing it at $18 billion after travel ground to a halt.

  • Morgan Stanley and Goldman Sachs will lead Airbnb’s public offering, which will list on Nasdaq.

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