Expedia Group Inc. said: Late Monday it expected to lay off about 1,500 employees as it worked to “reset resources.”
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He said affected employees began receiving notification on Monday. The online travel company, which also owns brands such as VRBO and Hotels.com, said it was committed to the “restructuring actions” that led to the layoffs, in a filing with US securities regulators.
The company said it is expected to record all pre-tax fees and costs associated with the restructuring this year, ranging from $80 million to $100 million, most of which are employee compensation and severance costs.
See also: Expedia shares punished as analysts warn of 'more uncertainty'
Expedia shares rose in the after-hours session on Monday after ending the regular trading day down 1%. In a previous filing, Expedia said it has 17,100 employees globally.
Expedia earlier this month reported better-than-expected quarterly earnings, but surprised Wall Street by announcing a CEO change. Expedia stock is down 11% so far this year, in contrast to the S&P 500 SPX's gain of 6.3%..
It roughly matches the broader index's performance on a 12-month basis, with a 29% rise compared to the S&P's 28% advance.
