Expedia plans to cut about 1,500 jobs as global travel demand declines. The job losses are part of an “organizational and technological restructuring” and affect around nine percent of the total workforce.
The total pre-tax and cash costs of these restructuring measures are expected to be between $80 million and $100 million, the company said.
These measures follow the travel agent’s warning earlier this month of a drop in turnover in 2024 due to the drop in ticket prices. In connection with this, CEO Peter Kern announced his resignation.
Several tour operators have already downgraded their 2024 forecasts, suggesting demand growth will be slower this year due to the post-coronavirus boom and high inflation. The company’s shares rose slightly in after-hours trading.
Source: Krone
I’m Ben Stock, a journalist and author at Today Times Live. I specialize in economic news and have been working in the news industry for over five years. My experience spans from local journalism to international business reporting. In my career I’ve had the opportunity to interview some of the world’s leading economists and financial experts, giving me an insight into global trends that is unique among journalists.
