Airbnb says it will go public in 2020

Home-sharing site Airbnb says it will go public in 2020

It's a long-awaited move for the San Francisco company, which was founded in 2008 by Brian Chesky and Joe Gebbia, who needed some extra cash so they put air mattresses on their apartment floor and charged $80 per night.

Airbnb also said it made "substantially more than" $1 billion in revenue in the second quarter of this year, the second time in its history that revenue topped $1 billion. It didn't reveal its profits.

Airbnb has spent the last several years broadening its offerings in advance of an expected IPO. In May, it bought Hotel Tonight to help guests find last-minute hotel deals. In 2017, it acquired Luxury Retreats in order to raise the level of its accommodations. And it has been adding "experiences" to its platform so guests can book local tours, cooking classes and other activities.

But Airbnb has faced some backlash in places like New York and Barcelona, Spain, where it has been accused of encouraging over-tourism and raising rents because it takes living spaces off the market.