Expedia (NASDAQ:EXPE) layoffs are a hot topic on Tuesday after the online travel company announced plans to cut 8% of its workforce.
These Expedia layoffs will result in 1,500 of the company’s employees losing their jobs. The company says it expects to suffer between $80 million and $100 million in restructuring charges as a result of these job cuts.
These job cuts will affect employees around the world. Expedia also mentions in an internal memo that its Product & Technology division will suffer the majority of these headcount reductions.
Expedia Layoffs: CEO Commentary
Here’s a portion of what Expedia CEO Peter Kern said about the layoffs in an internal memo to employees obtained by GeekWire:
“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 […] As always, we will be engaging in consultation with local employee representatives, where applicable, before making any final decisions. While this review will result in us eliminating some roles, it will also allow us to continue to invest in core strategic areas.”
Expedia joins a growing list of companies that have announced layoffs in 2024. This comes amid increased inflation and interest rates. We’ll likely hear more layoff news from other companies as the year continues.
EXPE stock is up slightly as of Tuesday morning.
Investors seeking out even more of the most recent stock market stories are in the right place!
InvestorPlace is home to all of the hottest stock market news worth reading about on Tuesday! Among that is what has shares of NRX Pharmaceuticals (NASDAQ:NRXP), Aaron’s Company (NYSE:AAN) and Rivian (NASDAQ:RIVN) stock in the news today. You can catch up on these stories at the links below!
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On the date of publication, William White did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
