Airbnb is laying off 25% of its workforce as it confronts a steep decline in global travel due to the new coronavirus.
In a letter to employees, CEO Brian Chesky said the company is letting 1,900 of its 7,500 workers go and cutting businesses that don't directly support home-sharing, like its investments in hotels and movie production.
He said Airbnb expects its revenue to drop by more than half this year.
Chesky said departing employees will receive at least 14 weeks of their base pay.
U.S. employees will continue to receive health care coverage for a year; in other countries, employees will keep their health coverage through the end of this year.