Zinger Key Points
- Expedia plans restructuring actions to recalibrate resources in light of its organizational and technological transformation.
- The restructuring plan will impact around 1,500 employees.
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Expedia Group, Inc. EXPE disclosed a reduction in the workforce, which will impact around 1,500 employees.
The move is at par with its aim to leverage organizational and technological transformation.
The company started the communication related to job cuts to some affected employees on February 26, 2024.
The company expects total pre-tax charges and cash expenditures related to the restructuring actions of $80 million to $100 million.
The company projects to record the charges in 2024, which mainly include employee severance and compensation benefits costs.
Earlier this month, Expedia reported quarterly earnings of $1.72 per share, beating the analyst consensus estimate of $1.68 by 2.38%.
The company also announced Ariane Gorin will succeed Peter Kern as Expedia's new CEO, effective May 13, 2024.
Price Action: EXPE shares are trading higher by 1.37% at $136.80 on the last check Tuesday.
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