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Airbnb cuts 25% of staff as COVID-19 hits home rentals

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Home sharing platform Airbnb on Tuesday announced it will slash one fourth of its workforce — some 1,900 people — as the coronavirus pandemic crushes the travel industry.

“We are collectively living through the most harrowing crisis of our lifetime, and as it began to unfold, global travel came to a standstill,” Airbnb CEO and cofounder Brian Chesky said in a letter to employees.

ALSO READ: India’s unemployment rate rises to 27.11% amid COVID-19 pandemic: CMIE

He added that Airbnb’s business has been “hit hard” and revenue this year is expected to be less than half of what the company earned in 2019. The company has recently dabbled with virtual versions of its Airbnb Experiences, which feature hosts from more than 30 countries leading activities and range in price from $1 to $40. Experiences include online bike tours, meditating with a Japanese monk or taking a Moroccan cooking class.

“I have a deep feeling of love for all of you,” Chesky wrote in the letter. “I am truly sorry. Please know this is not your fault. The world will never stop seeking the qualities and talents that you brought to Airbnb.”

Layoffs have swept across the economy as a result of the pandemic, and tech companies haven’t been spared, with cuts and furloughs at Lyft, Yelp, Eventbrite, and rumored layoffs coming at Uber.

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