Not like the opposite start-ups, which have seen demand for his or her merchandise soar within the pandemic, Airbnb spent many of the 12 months reeling as folks canceled their bookings. Within the first 9 months of the 12 months, Airbnb introduced in $2.5 billion in income, down from $3.7 billion a 12 months earlier. It misplaced $697 million throughout that point, greater than double final 12 months.In April, it raised emergency funding, closed sure facet tasks and shelved its I.P.O. plans. In Could, the corporate laid off 1 / 4 of its roughly 7,600 employees.To persuade traders it belonged in the identical class as “Covid-winners,” Airbnb’s providing prospectus offered a grand imaginative and prescient. The monetary doc featured magazine-style spreads of visitors and renters in lovely settings. It argued that it had invented a brand new sort of journey whereas additionally offering financial stimulus, a treatment for loneliness and spreading “wholesome tourism.” And it unfurled a well-worn underdog narrative of resilience and redemption.A letter signed by Airbnb’s three founders — Brian Chesky, the chief govt, and Joe Gebbia and Nathan Blecharzyk — included speaking factors Mr. Chesky has repeated in quite a few interviews praising the readability the disaster had given him. The corporate emphasised that its residence leases may cater to vacationers taking street journeys exterior of cities and that its bookings started rebounding two months into the pandemic. The prospectus even argued that the pandemic had accelerated Mr. Chesky’s daring prediction that folks would sometime “stay wherever.”Up to date Dec. 10, 2020, 1:50 p.m. ETThose messages resonated with traders. “Individuals are within the title, not the financials,” mentioned James Gellert, chief govt of Fast Rankings, a supplier of monetary evaluation. “This can be a firm that’s going within the improper route at the moment, from a monetary power perspective.”The pandemic was particularly tough for Airbnb as a result of it has largely had a rocket-ship trajectory that made it the toast of Silicon Valley. The corporate was based in 2008 as a strategy to let folks lease out an additional room and rapidly expanded to a community of seven million residence leases all over the world.Airbnb embodies the final decade of extremely valued start-ups that used gig work, smartphones and piles of enterprise capital to upend previous industries, develop quick, delay going public and fear about earnings later. Its speedy rise introduced the concept of trip houses — and vacationers — into metropolis flats and residential neighborhoods. Its founders pitched messages of belief, neighborhood and dwelling like an area.