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    • Expedia is cutting 1,500 jobs as travel demand slows

    Expedia is laying off thousands of employees. (Tiffany Hagler-Geard / Bloomberg / Getty Images via CNN Newsource) Expedia is laying off thousands of employees. (Tiffany Hagler-Geard / Bloomberg / Getty Images via CNN Newsource)
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    Expedia, the online travel agency, is eliminating about 1,500 employees as part of an 鈥渙rganizational and technological transformation.鈥

    The cuts, which amount to nearly 9 per cent of its 17,100-strong global workforce, come amid slowing travel demand following a post-pandemic boom and a broader shakeup at the company, including a new CEO.

    鈥淕iven the recent completion of many significant technical milestones in Expedia Group鈥檚 transformation, the business continues to evaluate the appropriate allocation of resources to ensure the most important work continues to be prioritized,鈥 a company spokesperson said in a statement to CNN.

    Expedia (EXPE) said in a that the cuts will result in an US$80 million to US$100 million charge to its bottom line because of severance and compensation benefits costs. Over time, Expedia has acquired several online traveling booking platforms including Hotels.com, Vrbo, Orbitz, Hotwire.com and Travelocity.

    Specific details of where the layoffs will occur wasn鈥檛 revealed. An Expedia spokesperson said that the changes 鈥渨ill result in the elimination of some roles鈥 that 鈥渁llows the company to invest in core strategic areas for growth.鈥

    Expedia had previously announced that CEO Peter Kern was departing his role. Ariane Gorin, who is president of Expedia for Business unit, will take over the position in May when Kern鈥檚 contract ends.

    The leadership change and job cuts come after the company posted a profit that came in below analysts鈥 expectations and said its revenue will moderate this year as prices for flight tickets decline. The grounding of Boeing鈥檚 737 Max 9 fleet also dented bookings.

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    N.L.

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