Online travel platform Expedia said Monday it will cut about 1,500 jobs, or about 9% of its workforce, worldwide as part of an “organizational and technological transformation.”
The reorganization comes after Expedia earlier this month warned that falling ticket prices would slow its revenue in 2024 and announced that CEO Peter Kahn would step down. I was disappointed.
“We continue to evaluate the appropriate allocation of resources to ensure our most important work continues to be prioritized,” an Expedia Group spokesperson said.
Travel companies have tempered expectations for 2024, indicating demand growth is expected to slow further this year.
Booking Holdings last week expected booking growth to slow in the first quarter and for the full year as U.S. travel demand normalizes.
Expedia said total pre-tax costs and cash outlays for the restructuring are expected to be between $80 million and $100 million.
The company’s shares rose slightly in aftermarket trading.
