Leisure travel and “order-in” dining are very different markets, but as end to the COVID-19 pandemic appears to be in sight, Airbnb and DoorDash are looking to expand by issuing IPOs.
The IPOs for both companies hit the market as the Labor Department announced that a seasonally adjusted figure of 853,000 Americans filed for unemployment last week for the first time, the largest number since mid-September. Current jobless claims rose to 5.8 million, the first rise in those figures since late August. Overall unemployment declined slightly in October to 6.7%.
But Airbnb and DoorDash are betting on better times ahead.
DoorDash, a food delivery service, rode that trend to a strong IPO Wednesday after state officials closed restaurants last spring as part of the effort to curb spread of COVID-19, forcing an increasing number of people to eat meals at home.
“The pandemic-fueled rally in DoorDash is here to stay