Photo: Yuriko Nakao/Getty Images

Airbnb is laying off a nearly 1,900 employees, or a quarter of its global workforce, as it tries to weather the near total halt of travel amid the coronavirus pandemic.

Why it matters: Despite raising $2 billion in debt and equity last month, cutting marketing expenses and freezing hiring, the company couldn't escape having to cut a significant number of jobs.

  • "Airbnb’s business has been hit hard, with revenue this year forecasted to be less than half of what we earned in 2019," CEO Brian Chesky said in a company email announcing the layoffs.
  • For severance, employees will receive 14 weeks of pay, plus an additional amount based on their tenure and location. They will also receive extended health care coverage (for 12 months in the U.S. and through the end of the year elsewhere), and the company is removing the first-year minimum to vest their equity if they joined in the past year.
  • The layoffs were not a condition to Airbnb's recent financings, per a spokesperson.
  • Questions also remain about the company's plans to go public this year.

Go deeper: CEO Brian Chesky's full statement

Go deeper

Ina Fried, author of Login
Aug 11, 2020 - Technology

Firefox maker Mozilla to cut 250 jobs

Photo illustration: Rafael Henrique/SOPA Images/LightRocket via Getty Images

Mozilla, the nonprofit maker of the Firefox browser, told employees Tuesday that it is cutting 250 jobs, roughly a quarter of its workforce.

The big picture: Mozilla has been trying to get more of its revenue from subscription products, but said in an internal email that its pre-pandemic business plan is no longer viable.

Updated 22 mins ago - Politics & Policy

Coronavirus dashboard

Illustration: Annelise Capossela/Axios

  1. Politics: Trump says if Biden's elected, "he'll listen to the scientists"Trump calls Fauci a "disaster" on campaign call — Fauci says he's "absolutely not" surprised Trump got coronavirus.
  2. Health: Coronavirus hospitalizations are on the rise — 8 states set single-day coronavirus case records last week.
  3. Business: Consumer confidence surveys show Americans are getting nervousHow China's economy bounced back from coronavirus.
  4. Sports: We've entered the era of limited fan attendance.
  5. Education: Why education technology can’t save remote learning.

Trump calls Fauci a "disaster" on campaign call

Photo: Stephen Lam/Getty Images

During a campaign call on Monday, President Trump slammed infectious disease expert Anthony Fauci, calling him a "disaster," and that "people are tired of COVID," according to multiple reporters who listened to the call.

Driving the news: CBS's "60 Minutes" aired an interview Sunday night with the NIAID director, where he said he was "absolutely not" surprised Trump contracted COVID-19 after seeing him on TV in a crowded place with "almost nobody wearing a mask."