Airbnb took a record drop in revenues in the second quarter of 2020 as global travel was restricted to prevent the spread of COVID-19, dropping 67% to $335 million in the period ending June 30.

Thanks to the pandemic, since mid-February this year hotels have lost more than $46 billion, occupancy is at less than 35% and around 70% of hotel employees have been laid off or furloughed. 80% of Airbnb bookings for the first half of April were cancelled, costing more than $1 billion dollars. As a result, it laid off a quarter of its 1,900 workforce in May.

While the hospitality sector is slowly beginning a recovery in terms of bookings, The Wall Street Journal has reported that Airbnb is back on track to go public, despite a 40% drop in its valuation in three years, and will file its IPO.

Airbnb was recently valued at $18 billion, down from a 2017 valuation of $31 billion.

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