This gives them the ability to rent directly to users and save the 14% to 20% fee that Airbnb typically takes. The Wall Street Journal reported in February that Airbnb lost $322 million over the first nine months of last year, after reporting a $200 million profit in 2018, as it ramped up spending in advance of its then-expected IPO.Īdding to its woes is the fact that hosts - the folks who rent their properties out on the Airbnb platform - are using this downtime to launch their own websites.

To get through the crisis, the company raised $1 billion in new debt funding. Airbnb's business has been hit hard, with revenue this year forecasted to be less than half of what we earned in 2019.' In the wake of the pandemic, the company has also instituted a hiring freeze, suspended its marketing, cut executives' salary and said it did not expect to give out bonuses for 2020. In a note to employees at the time of the layoffs, Chesky said, 'We are collectively living through the most harrowing crisis of our lifetime, and as it began to unfold, global travel came to a standstill. Personal Loans for 670 Credit Score or Lower

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Brian chesky bloomberg