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May 8, 2020 05:26 pm
Original Link: http://rss.slashdot.org/~r/Slashdot/slashdot/~3/MlDh80zdCrA/the-results-are-in-for-the-sharing-economy-they-are-ugly
The Results Are In for the Sharing Economy. They Are Ugly.
The coronavirus pandemic has gutted the so-called sharing economy. Its most valuable companies, which started the year by promising that they would soon become profitable, now say consumer demand has all but vanished. It is not likely to return anytime soon. From a report: In earnings reports this week, Uber and Lyft disclosed the depth of the financial damage. The companies said their ride-hailing businesses all but collapsed in March, the last month of the first quarter, as shelter-in-place orders spread through Europe and the United States. The red ink extends beyond ride hailing. The home-sharing company Airbnb, which investors valued at $31 billion, had planned to go public this year. Instead, the company has slashed costs and raised emergency funding, and on Tuesday it laid off 1,900 employees, about 25 percent of its staff. It also reduced its revenue forecast for this year to half of what it brought in last year. "While we know Airbnb's business will fully recover, the changes it will undergo are not temporary or short-lived," Brian Chesky, Airbnb's chief executive, wrote in a memo to employees.Read more of this story at Slashdot.
Original Link: http://rss.slashdot.org/~r/Slashdot/slashdot/~3/MlDh80zdCrA/the-results-are-in-for-the-sharing-economy-they-are-ugly
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