April 8, 2020 / 8:06 PM / 3 months ago

Airbnb warns 2020 revenue can fall by half amid COVID-19 hit: The Information

FILE PHOTO: Small toy figures are seen in front of diplayed Airbnb logo in this illustration taken March 19, 2020. REUTERS/Dado Ruvic/Illustration/File Photo

(Reuters) - Home rental company Airbnb has projected its revenue can fall about 54% to some $2.2 billion this year due to the COVID-19 pandemic, The Information reported on Wednesday, citing people familiar with the matter.

The projection, made in a scenario shown to investors, is preliminary as the length of the pandemic’s impact on the travel industry cannot be predicted, according to the report.

Airbnb said earlier this week it had raised $1 billion from private equity firms Silver Lake and Sixth Street Partners.

The investment’s terms, however, implied reduced valuation of the company, Reuters had reported.

Reporting by Shariq Khan in Bengaluru; Editing by Aditya Soni

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