Airbnb off to a flying start on first day
Airbnb had a perfect first day on the NASDAQ on Thursday, with shares closing at $144.71 - more than double the $68 Airbnb had sold them to investors the previous evening.
It goes without saying that this year has been tumultuous for the entire globe, but few industries have been hit as hard as tourism.
However, Airbnb, whose bookings were down 72% in April compared to the previous year, bounced back quicker than its competitors as those travelling preferred the safety of private homes to a crowded hotel. In September bookings were down just 20% compared to the previous year.
This quicker recovery bodes well for the future of the company, especially at a time when the success of certain coronavirus vaccines have been announced and, in the UK, rollouts are already underway.
The news of a potential return to normality had already buoyed the equity markets and no doubt turned investors' attention towards the holiday rentals company as they predict a rebound in tourism next year.
Depicted: Admiral Markets MetaTrader 5 - Airbnb M1 Chart. Date Shown: 10 December 2020. Date Captured: 10 December 2020. Past performance is not necessarily an indication of future performance.
The Airbnb dream debut came the day after US food delivery company DoorDash had a similarly successful first day on the stock market on Wednesday - continuing the recent trend of investment in tech stocks.
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