Airbnb CEO Brian Chesky. Photo credit: Airbnb

Airbnb, the famed accommodation marketplace, saw its revenues in the second quarter of this year tank by 67% due to the coronavirus pandemic, according to a report [paywall] from Bloomberg. According to Bloomberg, Airbnb recorded $335 million in revenues in the second quarter of this year, down from $842 million in the preceding quarter and over $1 billion in the same quarter last year. For the quarter, Airbnb recorded $400 million in losses, Bloomberg reports.

Airbnb has undoubtedly been majorly affected by the coronavirus pandemic due to global travel restrictions. It’s such that the San Francisco-based company resorted to raising $2 billion in additional equity and debt funding to help pad its balance sheet against a business slowdown. The debt facilities came from a group of private equity and traditional investment firms and reportedly with interest rates of as high as 11.5%. The equity portion of the funding is said to have valued Airbnb at $18 billion, down from an earlier valuation of $31 billion.