Airbnb turning a profit for the first time – Report

Online hospitality company Airbnb started turning a profit for the first time in the second half of 2016 and is expected to continue making money in 2017, CNET reported.

Citing a source close to the company, CNET said Airbnb’s revenue grew more than 80% over the past year.

Airbnb declined to comment on the report.

CNET reported that Airbnb also raised $3.1 billion in venture backing, with its source stating that all the money remains on the company’s balance sheet.

Airbnb has a valuation of $30 billion, CNET reported.

Now read: The South African company taking on Airbnb

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Airbnb turning a profit for the first time – Report