Why shouldn't they be tanking? Everything in the travel sector, including hotels, is tanking right now. They're not highly profitable; indeed they've never turned a profit.
> whereas the fixed costs to run a website are ridiculously low
This is clearly not true. They are a tech company and have a large number of well-compensated engineers. So they do have a large amount of fixed costs.
It sounds like you're arguing from hypotheticals, none of which actually apply to Airbnb as it exists in the real world.
Not turning a profit is a meaningless metrics for a silicon valley company. They could burn endless amounts of (VC) cash with zero relations to how well the business is doing or how solid it is.
I've worked at their main competitors for a while. I know the industry. I guarantee you AirBnb is not at any risk of disappearing.
> whereas the fixed costs to run a website are ridiculously low
This is clearly not true. They are a tech company and have a large number of well-compensated engineers. So they do have a large amount of fixed costs.
It sounds like you're arguing from hypotheticals, none of which actually apply to Airbnb as it exists in the real world.