Airbnb, the leading home and apartment-rental company online, has turned a profit beginning in the second quarter of 2016 according to Bloomberg.
Since launching in April 2008, Airbnb has become the dominant rental service in the world with over 2 million listings in 34,000 cities in 191 countries.
Airbnb makes money by charging guest service fees that are typically 6-12% depending on the booking. The company also has an additional revenue source by charging hosts a service fee for processing payments. With over 60 million customers, the fees can add up quickly.
Bloomberg did not reveal what Airbnb revenues and profits were, but the company is expected to be profitable for all of 2017. The San Francisco company has drawn the ire of cities including its home and New York over rental laws and bypassing city taxes.
Airbnb has raised $3.1 billion to date. Major investors in the company include: CapitalG (formerly Google Capital), Sequoia Capital, Andreesen Horowitz, Technology Crossover Ventures, Greylock Partners, Founders Fund and Y Combinator.