Proactive Investors - Expedia Group Inc (BVMF:EXGR34) has unveiled plans to lay off some 1,500 employees as travel demand growth slows.
Employees were notified of the cuts on Monday, which are set to affect around 9% of the online travel company’s workforce as it looks to “recalibrate resources”.
“Given the recent completion of many significant technical milestones in Expedia Group’s transformation, the business continues to evaluate the appropriate allocation of resources to ensure the most important work continues to be prioritized,” a spokesperson said.
Reductions will allow the firm to “invest in core strategic areas for growth,” they added.
Expedia warned earlier this month that global travel demand, which has boomed as the sector recovers from the pandemic, now appears to be softening.
Though demand is set to “remain healthy”, revenue was tipped to moderate over the coming months as the likes of ticket prices subside.
According to Expedia, the restructuring is set to cost between US$80 million and US$100 million.