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Briefs for Tuesday

UPDATED: Mon., Nov. 16, 2020

Airbnb was losing money even before the pandemic struck and cut its revenue by almost a third, the home-sharing company revealed in documents filed Monday ahead of a planned initial public offering of its stock.

The San Francisco-based company has yet to set a date for the IPO, but it is laying the groundwork.

Its revenue jumped 32% to $4.8 billion in 2019, but it reported a net loss of $674 million that year. The company also lost money in 2018 and 2017.

This year, Airbnb said, revenue fell 32% to $2.5 billion in the first nine months as travelers canceled their plans after the pandemic crippled travel and forced lockdowns around the world.

Home Depot adds HD Supply

Home Depot is reuniting with former subsidiary HD Supply, buying the company in a deal valued at about $8 billion.

The acquisition will give Home Depot a stronger hand in the contractor and professional side of its business, which is booming during the pandemic, just like its more consumer-facing, DIY sales.

HD Supply is a distributor of maintenance, repair and operations products in the multifamily and hospitality markets. Home Depot initially bought HD Supply in 1997, but sold it in 2007 when it began to focus more on its retail operations.

From wire reports

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