Mar 9, 2017

Airbnb raises $1 billion

Dan Primack, author of Pro Rata

Airbnb

Airbnb turned profitable in the second half of 2016, as first reported by CNBC and since confirmed to Axios by a source familiar with the situation. The San Francisco-based company also disclosed in SEC filings that it has expanded its previously-announced Series F funding from around $555 million to more than $1 billion.

Why it matters: Airbnb continues to be the Silicon Valley "mega-unicorn" with the smallest likelihood of being disrupted itself, despite ongoing municipal regulatory battles over taxes and affordable housing. And by turning profitable ― which the company expects to persist through 2017 ― it should have greater flexibility to expand.

Going forward: There continues to be no indication that Airbnb plans to go public in 2017, in part because it still needs to sort out the aforementioned regulatory issues in big media markets like New York.

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Rebecca Falconer
Updated 1 hour ago - World

Pandemic plunges U.K. into "largest recession on record"

The scene near the Royal Exchange and the Bank of England in the City of London, England. Photo: Tolga Akmen/AFP via Getty Images

The United Kingdom slumped into recession as its gross domestic product GDP shrank 20.4% compared with the first three months of the year, the Office of National Statistics (ONS) confirmed Wednesday.

Why it matters: Per an ONS statement, "It is clear that the U.K. is in the largest recession on record." The U.K. has faired worse than any other major European economy from coronavirus lockdowns, Bloomberg notes. And finance minister Rishi Sunak warns the situation is likely to worsen.

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Axios
Updated 2 hours ago - Health

World coronavirus updates

Data: The Center for Systems Science and Engineering at Johns Hopkins; Map: Axios Visuals

The United Kingdom slumped into recession on Wednesday, as its gross domestic product GDP shrank 20.4% compared with the first three months of the year.

By the numbers: Over 741,400 people have died of the novel coronavirus globally and more than 20.2 million have tested positive, per Johns Hopkins. Almost 12.6 million have recovered from the virus.

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Axios
Updated 2 hours ago - Politics & Policy

Coronavirus dashboard

Illustration: Annelise Capossela/Axios

  1. Global: Total confirmed cases as of 3 a.m. ET: 20,294,091 — Total deaths: 741,420— Total recoveries: 12,591,454 — Map.
  2. U.S.: Total confirmed cases as of 3 a.m. ET: 5,141,207 — Total deaths: 164,537 — Total recoveries: 1,714,960 — Total tests: 63,252,257 — Map.
  3. States: Georgia reports 137 coronavirus deaths, setting new daily record — Florida reports another daily record for deaths.
  4. Health care: Trump administration buys 100 million doses of Moderna's coronavirus vaccine.
  5. Business: Moderna reveals it may not hold patent rights for vaccine.
  6. Sports: Big Ten scraps fall football season.
  7. World: Anthony Fauci "seriously" doubts Russia's coronavirus vaccine is safe
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