Airbnb lowers internal valuation by 16 per cent as coronavirus slows down bookings

The Airbnb logo is seen on a little mini pyramid under the glass Pyramid of the Louvre museum in Paris on March 12, 2019.Airbnb Inc. lowered its internal valuation by 16% to $26 billion, as the U.S. home rental firm grapples with a slowdown in bookings due to the global spread of the coronavirus pandemic, a source familiar with the matter told Reuters on Thursday.

The company also held discussions with new and existing investors to consider a late-stage funding round, the Financial Times, which first reported the news said, adding that no firm decisions have been made as yet. A source told Reuters last week that Airbnb held a phone meeting with bankers to discuss extending an existing $1 billion debt facility, and said that the startup’s revenue in 2019 had exceeded $4.8 billion.

In response to travel bans and a surge of requests for cancellations, the short-term rental platform said earlier this week that it was allocating $250 million to help offset losses incurred by hosts. Last September, the U.S. startup announced plans to list its shares in 2020, and has not changed that position so far.

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