Airbnb's management in early May said it could weather a 50% drop in revenue by raising an additional $2 billion in capital and cutting expenses. It laid off 25% of its staff. Changes in travel patterns brought on by the coronavirus pandemic "are not temporary or short-lived," CEO Brian Chesky said.
As the U.S. economy began to "reopen" in mid-May, Airbnb said that between May 17 and June 6 it saw growth in bookings compared to a year earlier, with more travel planned to nearby destinations in easy driving distance.
The company remains vulnerable to the global course of the coronavirus. As a private, venture capital-backed company it doesn't report detailed financial results. CNBC reported that its investors remain confident in its eventual prospects for an initial public offering.