Airbnb soars over 100% in opening Nasdaq trade

Lisa D. Small

Airbnb Inc. shares surged in excess of 100% Thursday in their opening trade on the Nasdaq.

Shares of the San Francisco-centered on line vacation lodging scheduling site opened at $146 after pricing at $68 on Wednesday night. They were being anticipated to selling price among $56 and $60 for each share. Shares trade below the ticker ABNB.

Ticker Protection Final Modify Alter %
ABNB AIRBNB INC 140.16 -4.55 -3.15%

IPO FLOODGATES Open up AS AIRBNB, DOORDASH PREP Stock-Marketplace DEBUTS

The pricing raised $3.7 billion and gave Airbnb a $47 billion valuation on a diluted foundation, earning it the premier first general public featuring of 2020. The put up-IPO gains ran the company’s industry price to extra than $100 billion. Quicken Financial loans mother or father, Rocket Cos., debuted in July at an almost $44 billion valuation.

Airbnb will now compete for trader money with big lodge chains.

Ticker Security Final Transform Modify %
MAR MARRIOTT Global INC. 128.28 -3.49 -2.65%
H HYATT Inns 73.92 -.72 -.96%
WH WYNDHAM Lodges & RESORTS 57.48 -1.34 -2.29%

Like lodges, Airbnb’s business was hit tough as stay-at-property orders aimed at slowing the spread of COVID-19 eliminated most nonessential travel.

The business noted April bookings fell by 72% from the 12 months prior, ensuing in a lot more than 1,900 layoffs, or about 25% of its workforce.

Enterprise rebounded as the economy reopened, with revenue down 19% yr-above-12 months to $1.34 billion in the most current quarter. The corporation noted a quarterly gain of $219 million.

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