Airbnb had substantially more than $1 billion in quarterly revenue

Home-renting company Airbnb said on Friday it had "substantially more" than $1 billion in revenue for the third quarter, marking its strongest quarter yet ahead of a widely anticipated initial public offering expected next year.

San Francisco-based Airbnb said in a statement that the third quarter was the first time the company exceeded $1 billion in revenue, with growth in key overseas markets, including Beijing and Mexico City, as well as smaller towns it has recently targeted to expand beyond cities where it has been blamed for constraining housing stock.

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