Airbnb lays off 25% of staff, cuts back investment in hotels, transportation

Airbnb has announced today a 25% reduction in its workforce – impacting nearly 1,900 of its 7,500 employees – as a result of the effects of the COVID-19 crisis.

In a letter to employees, co-founder and CEO Brian Chesky calls the coronavirus outbreak “the most harrowing crisis of our lifetime” and explains how it has taken a toll on Airbnb’s business – with revenue for 2020 forecasted to be less than half of what it earned in 2019.

Although Airbnb managed to secure $2 billion in capital amid the outbreak, Chesky says “two hard truths” – that no one knows when travel will return and what travel will look like – indicated further measures needed to be taken.

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