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Airbnb Turns Deep Cutbacks Into a Profit Ahead of IPO

Airbnb Inc. unveiled paperwork for its initial public offering on Monday, showing the home-sharing giant turned a profit in the third quarter after the coronavirus pandemic forced it to overhaul its business and shed costs.
The company’s revenue for the three months ended Sept. 30 fell 18% to $1.34 billion from the same period a year earlier, as the pandemic continued to hurt bookings. But deep cost cuts, combined with an uptick in revenue from previous quarters, still led it to post a profit of $219 million. The Wall Street…
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