Airbnb has set out plans to make 1,900 employees redundant, a few quarter of its world workforce, because it forecast revenues in 2020 could be half the $4.8bn (£3.9bn) generated in 2019.

Brian Chesky, its chief govt and co-founder, described coronavirus as “essentially the most harrowing disaster of our lifetime”. He instructed employees: “We don’t know precisely when journey will return. When journey does return, it should look completely different.”

Airbnb has staff in 24 international locations. Its headquarters are in San Francisco and its European head workplace is in Dublin, the place it employs about 500 folks. A few of the deepest job cuts are more likely to be in newer areas of the enterprise corresponding to Airbnb “Luxe”, which provides what it describes as upmarket properties and devoted journey designers.

“Folks will need choices which might be nearer to dwelling, safer, and extra reasonably priced,” mentioned Chesky.

Airbnb mentioned there have been indicators of of a gentle restoration in some areas, including that was rising proof of travellers in Europeans reserving properties in their very own international locations this summer time fairly than overseas.

The lodging platform instructed the Monetary Instances that home bookings in Denmark have been at about 90% of April 2019 ranges, whereas within the Netherlands it was approaching 80%.

Airbnb joins airways and journey operators reducing employees numbers through the coronavirus pandemic. Final week, British Airways introduced 12,000 staff would be made redundant, and on Tuesday Virgin Atlantic mentioned it will lower 3,000 jobs and mothball its Gatwick operations.

The collapse in Airbnb’s income has thwarted its plans to drift on the inventory market this 12 months. The projected $40bn-plus flotation would even have earned lots of its employees massive payouts, as early entrants into the corporate have been partly remunerated in inventory choices.

This 12 months, Airbnb shored up its funds with $2bn in new loans and funding, which in line with reviews urged a valuation of about $18bn, a lot under earlier expectations.

Airbnb began life as AirBed & Breakfast in 2008 after Chesky and one other co-founder, Joe Gebbia, let loose their condo in San Francisco. The platform has about 150 million customers and 7m property listings the world over.

In a blogpost detailing the job cuts, Chesky instructed employees: “I’ve a deep feeling of affection for all of you.” Inside hours, these being made redundant acquired an e mail invitation for a departure assembly, with US and Canadian tstaff instructed they would go away by subsequent Monday.

However for some campaigners combating hovering rents in cities with massive variety of Airbnb hosts, the corporate’s disaster has a silver dwelling. For instance, the variety of longer-term rental properties in central Dublin approaching to the market has increased by 71%, as landlords deserted short-term lets by means of Airbnb.