Airbnb is laying off about 25% of its workforce as the coronavirus pandemic upends the travel industry and threatens the company’s core business.
On Tuesday, the short-term rental startup said nearly 1,900 employees will be let go worldwide, out of 7,500.
This is one of the largest layoffs that we’ve seen out of Silicon Valley due to the effect of the coronavirus outbreak.
In a message to employees, Airbnb co-founder and CEO Brian Chesky said, “Some very sad news. Today, I must confirm that we are reducing the size of the Airbnb workforce.” Chesky then advised his employees that he will be transparent and offer details, so that everyone is fully aware of what’s happening.
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.
