Airbnb Inc is laying off 25% of its workforce, or nearly 1,900 employees, the home rental startup said on Tuesday, as the COVID-19 pandemic brings global travel to a near standstill.
“Airbnb’s business has been hit hard, with revenue this year forecasted to be less than half of what we earned in 2019,” founder Brian Chesky said in a memo to employees.
With millions of tourists canceling plans for vacations, work trips and family visits, Airbnb earlier this year said it was allocating $250 million to help offset losses incurred by hosts. Last month, Airbnb said private equity firms Silver Lake and Sixth Street Partners would invest $1 billion in the startup, raising its cash reserves to around $4 billion.
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Airbnb Lays Off 25% Of Workforce, Nearly 1,900 JobsI’m a San Francisco-based reporter covering breaking news at Forbes. I’ve previously reported for USA Today, Business Insider, The San Francisco Business Times and San Jose Inside. I studied journalism at Syracuse University’s S.I. Newhouse School of Public Communications and was an editor at The Daily Orange, the university’s independent student newspaper. Follow me on Twitter rachsandl or shoot me an email rsandlerforbes.com.
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