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25.02.2020 05:31:14

Expedia to slash about 3,000 jobs in cost-cutting move: report

Expedia Group Inc. will cut about 3,000 jobs, including around 500 at its Seattle headquarters, to reduce costs, Geekwire reported Monday. Geekwire obtained an internal email from Expedia announcing the layoffs, which add up to about 12% of its workforce. "We have been pursuing growth in an unhealthy and undisciplined way," the Expedia email said, according to Geekwire. "Today, we are announcing our intent to reduce and eliminate certain projects, activities, teams, and roles to streamline and focus our organization." In its quarterly earnings report earlier this month, Expedia said it expects between $300 million and $500 million in run-rate cost savings across its business this year, though it did not mention layoffs. Expedia shares were hammered Monday, falling 6.5%, but the job cuts do not appear related to coronavirus worries, although last week the online travel site said it expects a $30 million to $40 million impact on adjusted first-quarter EBITDA as a result of the outbreak.Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
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