Airbnb to lay off 25% of its employees
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The rental startup on Tuesday said nearly 1,900 employees will be let go worldwide, out of 7,500.
Airbnb is set to lay off about 25 per cent of its workforce as the coronavirus pandemic ravages the travel industry.
The rental startup on Tuesday said nearly 1,900 employees will be let go worldwide, out of 7,500.
"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.
"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," he further wrote.
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.
Airbnb has also reportedly delayed plans for a Wall Street debut this year.
In the US, Airbnb said it will cover 12 months of health insurance for its employees through COBRA. In all other countries, it will cover health insurance costs through the end of this year.
It's said many of Airbnb hosts are struggling to make mortgage payments and pay bills due to coronavirus-related cancellations.