Airbnb warns 2020 revenue can fall by half amid COVID-19 hit

Airbnb warns 2020 revenue can fall by half amid COVID-19 hit

Airbnb logo
FILE PHOTO: The Airbnb logo is seen on a little mini pyramid under the glass Pyramid of the Louvre museum in Paris, France. REUTERS/Charles Platiau

REUTERS: Home rental company Airbnb has projected its revenue can fall about 54 per cent to some US$2.2 billion this year due to the COVID-19 pandemic, The Information reported on Wednesday (Apr 8), citing people familiar with the matter.

The projection, made in a scenario shown to investors, is preliminary as the length of the pandemic's impact on the travel industry cannot be predicted, according to the report.

Airbnb said earlier this week it had raised US$1 billion from private equity firms Silver Lake and Sixth Street Partners.

The investment's terms, however, implied reduced valuation of the company, Reuters had reported.

Source: Reuters

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