Airbnb posted declining revenue and a $3.9 billion loss in its first earnings report as a publicly traded company.

Its revenue in the last three months of 2020 was down 22% from a year earlier, driven by costs related to its I.P.O. and an emergency loan taken out last year to weather the pandemic. Last spring the company lost $1 billion in bookings, laid off staff and raised emergency funding and a short summer bounce-back was not enough to plug the hole in revenue.

Airbnb faces challenges once travel restarts, as hosts have become increasingly frustrated and are listing their rentals independently and regulators worldwide continue to scrutinise the effect of turning housing stock in residential areas into hotels.

Read more: