Booking announces job cuts to improve efficiency

13-11-24

Booking Holdings announced Friday after the market close that it will implement organizational changes in its Booking.com unit, including a reduction of personnel and the modernization of its processes and systems. The company seeks to increase operational efficiency and optimize the acquisition of supplies, in addition to seeking savings in real estate.

In a regulatory document, the company said it expects these measures to not only improve efficiency in operating expenses, but also organizational agility, freeing up resources that can be reinvested in service to travelers and partners. According to the company, the measures will be consulted with labor councils, employee representatives and other relevant organizations, and further clarity on the details is expected in the future.

Booking Holdings further stated that the overhaul of Booking.com's organizational structure is designed to increase efficiency and accelerate innovation, which could result in staff cuts in certain areas of the business. The company described this decision as difficult but necessary to ensure that Booking.com remains agile in a highly competitive market and continues to drive customer-centric innovation.

For now, the company has not specified how many positions will be affected or in what areas or levels, although it acknowledged that the cuts could affect multiple jurisdictions. Jake Fuller, an analyst at BTIG, commented that this strategy of freeing up resources to invest in growth is in line with recent comments from Booking Holdings management.

This news comes shortly after the company reported Q3 2024 revenue of $8 billion, up 9% year-over-year, with adjusted EBITDA of $3.7 billion, up 12% from Q3 2023.

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