Airbnb expects revenues to be slashed by more than half this year, CEO says

Because of the COVID-19 crisis, Airbnb is now on track for revenues of less than half what it earned in 2019, CEO Brian Chesky said in a letter to staff.Chesky’s letter also announced layoffs affecting 1,900 employees, or 25% of Airbnb’s staff.Airbnb reportedly posted revenues of more than $4.8 billion last year.┬áNot only did COVID-19…

Airbnb expects revenues to be slashed by more than half this year, CEO says

Because of the COVID-19 crisis, Airbnb is now on track for revenues of less than half what it earned in 2019, CEO Brian Chesky said in a letter to staff.Chesky’s letter also announced layoffs affecting 1,900 employees, or 25% of Airbnb’s staff.Airbnb reportedly posted revenues of more than $4.8 billion last year.┬áNot only did COVID-19 ground worldwide travel in Q1 of 2020, but it’s unclear if and when travel will resume at normal levels, even once shelter-in-place restrictions are lifted, Chesky warned.Visit Business Insider’s homepage for more stories.

Airbnb CEO Brian Chesky offered employees some insight into just how bad things look for the company when he announced layoffs on Tuesday.With one quarter of 2020 in the books, and the second quarter in the works, Chesky said Airbnb’s revenue is already forecast to be down by more than half over its 2019 performance.Airbnb reportedly posted revenue of more than $4.8 billion in 2019, according
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