Airbnb has revealed a loss of $697 million (£527 million) over the nine months leading up to the end of September.
The losses grew from a $323 million loss posted in the same period last year.
In the third quarter, the group reduced its revenue of $1.3 billion by 18%.
Airbnb said: “The second and third quarter recovery of 2020 is attributed to the new capabilities and drive for guests to travel, the resilience of the hosts and the relative strength of their business models.”
The fourth quarter will see a decrease in bookings and cancellations amid lockdown restrictions.
The company is preparing for its first public offering, scheduled to be completed by the end of the year.
Airbnb has had a tough year amid restrictions and has announced plans to cut its workforce by 25% and reduce marketing costs accordingly.
Chief Executive Brian Chesky told employees at the time: Airbnb’s business has been hit hard, with revenue forecasting this year to be less than half of what it earned in 2019. ”
