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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

GOP operatives accused of funneling Russian cash to Trump

Jesse Benton, spokesman for the Ron Paul campaign, speaking to reporters in the spin room after the CNN Debate on January 1, 2012. Photo: Robert Daemmrich Photography Inc/Corbis via Getty Images

A former senior aide to Senate Minority Leader Mitch McConnell and Sen. Rand Paul was indicted this month for allegedly funneling $25,000 from a wealthy, unnamed Russian to former President Trump's reelection efforts.

The big picture: The Justice Department alleges that Jesse Benton, 43, the husband of Paul's niece and a veteran Republican staffer, orchestrated a scheme to conceal the illegal foreign donation with another GOP operative, Doug Wead.

Biden to raise refugee admissions cap to 125,000

Afghan refugees arrive at Dulles International Airport after being evacuated from Kabul. Photo: Chip Somodevilla/Getty Images

The Biden administration will raise the refugee admissions cap to 125,000 for the next fiscal year beginning in October, the State Department confirmed in a statement Monday.

Why it matters: The move comes as the U.S. contends with resettling tens of thousands of Afghan refugees stateside, and as the world faces "unprecedented global displacement and humanitarian needs," the department wrote.

Wall Street's wobble disrupts record stock market boom

People walk by the New York Stock Exchange earlier this month. Photo: Spencer Platt/Getty Images

Monday interrupted a stretch of calm amid the historic stock market boom underway since March 2020.

Driving the news: Jitters were apparent nearly everywhere.