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Photo illustration: Axios Visuals

The coronavirus pandemic is already posing a drag on Airbnb bookings and revenue, according to new data from research firm AirDNA.

Why it matters: This can't be good news for Airbnb, which has been planning to go public in 2020, in part because some employee stock grants will expire by year's end.

The big picture: Despite touting its healthy business and billions in cash, Airbnb last quarter ramped up its spending—and thus, losses—on growth and marketing in preparation for its IPO, according to Bloomberg.

  • It had a loss of $276.4 million excluding interest, taxes, depreciation and amortization, compared with $143.7 million a year earlier.
  • Revenue grew 32% over the same period to $1.1 billion.
  • The company expected bookings to grow 25% during the first quarter of 2020 — likely underestimating COVID-19's impact, Bloomberg reported.

By the numbers, per AirDNA:

  • Overall short-term rental supply: Largely unchanged between January and March, except for a small decline in China.
  • Weekly Airbnb revenue: There's been a downward trend since roughly mid-February across various major cities globally, and so far for the beginning of May, most destinations are averaging about half of the bookings made back in February.
  • Reservations by date booked (change between early January and early March): 96% drop for Beijing, 71% in Shanghai, 46% in Seoul, 41% in Rome, 29% in both Tokyo and Milan.
  • Beijing Airbnb revenue: While it grew nearly 130% year-over-year in January, February saw a 22.2% drop from 2019, and March saw a decline of nearly 43%.

Go deeper

First look: Mayors press Biden on immigration

Illustration: Sarah Grillo/Axios

A coalition of nearly 200 mayors and county executives is challenging Joe Biden and the incoming Congress to adopt a progressive immigration agenda that would give everyone a pathway to citizenship.

Why it matters: The group's goals, set out in a white paper released today, seem to fall slightly to the left of what the president-elect plans to propose on Inauguration Day — though not far — and come at a time of intense national polarization over immigration.

Caitlin Owens, author of Vitals
5 mins ago - Health

Demand for coronavirus vaccines is outstripping supply

Illustration: Aïda Amer/Axios

Now that nearly half of the U.S. population could be eligible for coronavirus vaccines, America is facing the problem experts thought we’d have all along: demand for the vaccine is outstripping supply.

Why it matters: The Trump administration’s call for states to open up vaccine access to all Americans 65 and older and adults with pre-existing conditions may have helped massage out some bottlenecks in the distribution process, but it’s also led to a different kind of chaos.

Woman who allegedly stole laptop from Pelosi's office to sell to Russia is arrested

Photo: FBI

A woman accused of breaching the Capitol and planning to sell to Russia a laptop or hard drive she allegedly stole from Speaker Nancy Pelosi's office was arrested in Pennsylvania's Middle District Monday, the Department of Justice said.

Driving the news: Riley June Williams, 22, is charged with illegally entering the Capitol as well as violent entry and disorderly conduct. She has not been charged over the laptop allegation and the case remains under investigation, per the DOJ.