Sign up for our daily briefing
Make your busy days simpler with Axios AM/PM. Catch up on what's new and why it matters in just 5 minutes.
Catch up on the day's biggest business stories
Subscribe to Axios Closer for insights into the day’s business news and trends and why they matter
Stay on top of the latest market trends
Subscribe to Axios Markets for the latest market trends and economic insights. Sign up for free.
Sports news worthy of your time
Binge on the stats and stories that drive the sports world with Axios Sports. Sign up for free.
Tech news worthy of your time
Get our smart take on technology from the Valley and D.C. with Axios Login. Sign up for free.
Get the inside stories
Get an insider's guide to the new White House with Axios Sneak Peek. Sign up for free.
Catch up on coronavirus stories and special reports, curated by Mike Allen everyday
Catch up on coronavirus stories and special reports, curated by Mike Allen everyday
Want a daily digest of the top Denver news?
Get a daily digest of the most important stories affecting your hometown with Axios Denver
Want a daily digest of the top Des Moines news?
Get a daily digest of the most important stories affecting your hometown with Axios Des Moines
Want a daily digest of the top Twin Cities news?
Get a daily digest of the most important stories affecting your hometown with Axios Twin Cities
Want a daily digest of the top Tampa Bay news?
Get a daily digest of the most important stories affecting your hometown with Axios Tampa Bay
Want a daily digest of the top Charlotte news?
Get a daily digest of the most important stories affecting your hometown with Axios Charlotte
Sign up for Axios NW Arkansas
Stay up-to-date on the most important and interesting stories affecting NW Arkansas, authored by local reporters
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%.