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Online travel platform Expedia is the latest company to join the list of tech layoffs. Expedia has announced that it will cut 1500 job globally. The company revealed that the fresh round of layoffs will affect 9% of its workforce and the exercise is part of organisational and technological transformation.
The restructuring follows Expedia’s recent caution that revenue is expected to stabilise in 2024 due to declining air ticket prices, coupled with the announcement of CEO Peter Kern’s resignation.
“The business continues to evaluate the appropriate allocation of resources to ensure the most important work continues to be prioritized,” an Expedia Group spokesperson said.
Travel companies are adjusting their forecasts for 2024, indicating an anticipation of slower growth in demand for the year. Booking Holdings recently projected a deceleration in both first-quarter and full-year booking growth as US travel demand returns to normal levels.
According to Expedia’s regulatory filing, these layoffs will result in a $80 million to $100 million impact on its net income, attributable to severance and compensation benefits costs. Over time, Expedia has broadened its portfolio through the acquisition of numerous online travel booking platforms.
With agency inputs
The restructuring follows Expedia’s recent caution that revenue is expected to stabilise in 2024 due to declining air ticket prices, coupled with the announcement of CEO Peter Kern’s resignation.
“The business continues to evaluate the appropriate allocation of resources to ensure the most important work continues to be prioritized,” an Expedia Group spokesperson said.
Travel companies are adjusting their forecasts for 2024, indicating an anticipation of slower growth in demand for the year. Booking Holdings recently projected a deceleration in both first-quarter and full-year booking growth as US travel demand returns to normal levels.
According to Expedia’s regulatory filing, these layoffs will result in a $80 million to $100 million impact on its net income, attributable to severance and compensation benefits costs. Over time, Expedia has broadened its portfolio through the acquisition of numerous online travel booking platforms.
With agency inputs
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