Airbnb cuts 25% of its employees, faces major revenue loss due to COVID-19

With COVID-19 disrupting much of the hospitality industry, Airbnb and its hosts have lost more than $1 billion in bookings. With fewer renters, hosts are on the hook for rent and mortgage payments. 

Airbnb’s CEO says the company expects revenues to be cut in half this year, compared to last year’s numbers. Airbnb has also announced it’s laying off a quarter of its staff — nearly 2000 employees.