Airbnb plans to halt all of its marketing, pause most hiring, and likely withhold employee bonuses as it tries to conserve cash amid a slide in bookings, CEO Brian Chesky told employees in a video conference call Thursday, a person familiar with the matter said.
The steps are the first indication of how the company is planning to reduce costs to blunt the damage of the coronavirus pandemic. Airbnb’s losses have already stretched into the hundreds of millions of dollars, according to people close to the company. It wasn’t clear if the company, which has more than 7,000 employees worldwide, also intends to lay off staff. When asked about layoffs, Chesky told employees that nothing is off the table, another person familiar with the matter said.