Airbnb Is Cutting 25% of Staff Amid Global Travel Slump
Airbnb Inc. is cutting 25% of its workforce as the coronavirus pandemic continues to pummel the travel sector.
About 1,900 Airbnb employees across the world will be affected, Chief Executive Officer Brian Chesky wrote in an email to staff Tuesday. Those employees’ last day will be Monday, May 11, the email said.
“We are collectively living through the most harrowing crisis of our lifetime, and as it began to unfold, global travel came to a standstill,” Chesky wrote. “Airbnb’s business has been hit hard, with revenue this year forecasted to be less than half of what we earned in 2019.”
The San Francisco-based startup, which was poised to be the blockbuster stock listing of the year, has raised $2 billion in capital and dramatically cut costs in a bid to weather the slump.
22,335 in U.S.Most new cases today
-17% Change in MSCI World Index of global stocks since Wuhan lockdown, Jan. 23
-1.074 Change in U.S. treasury bond yield since Wuhan lockdown, Jan. 23
-0.5% Global GDP Tracker (annualized), March