The loss, driven by higher marketing and administrative expenses, is the latest sign that Airbnb is investing heavily in growth ahead of its planned public market debut next year.

In the first quarter, Airbnb’s loss more than doubled to $306 million due to a big increase in marketing expenses. While Airbnb has been profitable - it made $18 million before interest, taxes, depreciation and amortization last year - the first half losses may complicate its ability to portray itself to investors as a tech company that makes money.