Travel platform Expedia to cut 1,500 jobs globally amid moderating travel demand

Online travel platform Expedia on Monday announced job cuts affecting 1,500 or 9% of its global workforce. This comes as a part of its "organizational and technological transformation".

“With so much technical achievement over the last 12 months and so much tech debt behind us, we now are obliged to take a close look at roles, skills, teams, and locations to ensure that our resources are focused in the right areas,” Kern wrote in the memo, obtained by GeekWire. “While this review will result in us eliminating some roles, it will also allow us to continue to invest in core strategic areas.”

Expedia Performance

The firm, earlier this month had warned that revenue would moderate in 2024 as air ticket prices drop. Expedia had also announced that CEO Peter Kern is stepping down in May.

"The business continues to evaluate the appropriate allocation of resources to ensure the most important work continues to be prioritized," an Expedia Group spokesperson told Reuters.

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Expedia has also mentioned in a new regulatory filing that the total pre-tax charges and cash expenditures associated with the restructuring actions are expected to be between $80 million and $100 million.

As per Reuters, travel companies are tempering expectations for 2024, a sign that demand is expected to grow more slowly this year. Last week, Booking Holdings forecast slower first quarter and full-year growth in bookings as U.S. travel demand normalizes.