Airbnb records 30% growth rate in Q1 on booking strength

The strong key number could help pull in investors as home-sharing firm plans its foray into the public market

Airbnb Inc recorded $9.4 billion in total booking value in the first quarter, up 31 percent from the year-ago quarter, a source familiar with the matter said, a key number that could help pull in investors as the home-sharing company plans its foray into the public market.

The San Francisco-based home rentals company booked 91 million nights on its platform in the quarter, leading to the surge in total booking value, which measures the transaction dollars on its platform, the source said.

Airbnb had about $3.5 billion in cash on its balance sheet as of March 31, the source said. The company reported a 40 percent revenue growth rate in 2018 compared with the previous year, according to the source.

Airbnb is readying for a listing in the first half of 2020, according to the Wall Street Journal, which first reported Airbnb's first-quarter financials earlier.

This year marked several high-profile IPOs including Uber and Lyft, but the companies have fared poorly after their launch, amid investor scepticism over their lack of a concrete plan to profitability.

WeWork owner The We Company, which is preparing for an initial public offering as early as next month, revealed breakneck revenue growth and soaring losses earlier this month.