Expedia is axing around 1,500 jobs according to an internal memo obtained by GeekWire. The company said that the cuts will primarily affect those in the Product & Technology division.
A spokesperson for Expedia Group corroborated the details of the memo explaining that 1,500 jobs would be affected globally. An 8-K filing on the company’s website that was just published also mentions the number of jobs affected as well as the amount being paid in severance and compensation, it reads:
“On February 22, 2024, Expedia Group, Inc. (the “Company”) committed to restructuring actions to recalibrate resources in light of the Company’s organizational and technological transformation.
Subject to compliance with local consultation obligations where applicable, the restructuring actions are expected to result in a workforce reduction impacting approximately 1,500 employees and the communication of such actions to a portion of affected employees was commenced on February 26, 2024.
Total pre-tax charges and cash expenditures associated with the restructuring actions, all of which are expected to be recorded in 2024, are expected to be $80 million to $100 million, and are predominately employee severance and compensation benefits costs.”
According to the memo, employees that are affected by the cuts will be hear\ing from their leader, the People Team, or their local employee representative within the next week. To assist those who are affected, Expedia Group is providing severance packages, extended access to the Employee Assistance Program, and support for those who want to apply for another job internally.
According to data from Layoff.fyi (which doesn’t yet mention the Expedia Group layoffs), more than 42,400 tech employees at various companies have been laid off this year alone. In 2023, layoffs reached 262,915 and in 2022 the figure stood at 165,269.
High inflation and higher interest rates mean that consumers are spending less and credit is more expensive to obtain. This has knock-on effects for businesses which are forced to reduce numbers to ensure costs don’t spiral out of control compared to the decreased revenues.
Source: GeekWire