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Expedia confirms 1,500 job losses in major restructuring move
https://www.whatjobs.com/news/usa/us-employment-news/expedia-confirms-1500-job-losses-in-major-restructuring-move
By Nithya Bose in Business News, posted February 27, 2024
Expedia is trimming almost 1,500 roles, or nearly nine percent of its employees, as it undergoes a major organizational and technological overhaul.
The travel giant expects to incur between $80 million and $100 million in pretax charges and cash expenses due to these layoffs.
The move to slim down its workforce has already commenced, with notifications being sent to the impacted staff.
As of the end of last year, Expedia employed 17,100 people across over 50 countries.
This announcement comes after a disappointing travel reservation forecast from its competitor, Booking Holdings.
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The move also follows the news of Peter Kern's impending exit, who served as CEO since 2020, following a report of less-than-expected gross bookings in the last quarter.
On February 8, Expedia reported a decrease in net profit to $132 million, or 92 cents per share, from the previous year's $177 million, or $1.11 per share, missing analysts' expectations.
Although Expedia saw a six percent increase in gross bookings, reaching $21.67 billion for the quarter, it still fell short of the expected $22 billion.
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