Remove Product Development Remove Prospectus Remove Retention
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Airbnb S-1 (Part 1): So How Profitable Is This Thing Really?

View from Seed

Everybody has known that for awhile, even without perusing a prospectus. So even before you get to product development (20% of revenue) or G&A (14% in 2019), you’re already looking at a narrower potential margin than you might expect from a marketplace or transaction platform.