This archive report was first published on 6 May 2020.
Published on May 6, 2020, Airbnb announced plans to lay off 25% of its workforce in the wake of the coronavirus pandemic.
The company's CEO, Brian Chesky, stated that approximately 1,900 employees across the globe will be affected by the layoffs.
Employees outside the United States will receive at least 14 weeks of severance pay, while those in the US will be provided with 12 months of health insurance.
As part of its cost-cutting measures, Airbnb suspended all marketing activities in late March, aiming to save $800 million this year.
The company anticipates its 2020 revenue to drop to 50% of its 2019 total, which was $4.8 billion.
Headquartered in San Francisco, California, Airbnb operates as an online marketplace for arranging or offering lodging and tourism experiences.
