Skip to main content

Market Overview

Expedia Lays Off 3,000 People, Expects Over $30M Hit Due To Coronavirus

Expedia Lays Off 3,000 People, Expects Over $30M Hit Due To Coronavirus

Expedia Group Inc. (NASDAQ: EXPE) announced on Monday that it will cut 3,000 jobs worldwide, Reuters reports.

What Happened

The Seattle headquartered company employs 25,400 people worldwide and has plans to lay-off 3,000 or 12% of its total workforce.

In an email to employees, the travel booking company explained, “We are announcing our intent to reduce and eliminate certain projects, activities, teams, and roles to streamline and focus our organization” reported Reuters.

The company’s headquarters would see 500 positions cut.

Why It Matters

Expedia Group Chairman Barry Diller and Vice Chairman Peter Kern had previously announced the execution of $300-500 million worth of cost cuts during 2020.

Expedia is viewed as a “bloated company,” having increased employee numbers from 24,500 at the end of 2018 to 25,400 by Dec 31, 2019.

In December, the company’s top executives, CEO Mark Okerstrom and CFO Alan Pickerill, resigned due to disagreement between the executives and the board regarding the company strategy and future efforts. 

The company’s acting CFO Eric Hart has forecast a $30 million to $40 million hit to Expedia’s earnings from the ongoing Covid-19 epidemic.

Price Action

Expedia shares traded 0.61% higher at $113 in the after-hours session on Monday. The shares had closed the regular session 6.50% lower at $112.31.


Related Articles (EXPE)

View Comments and Join the Discussion!

Posted-In: Expedia Group Wuhan coronavirusEarnings News Management General Best of Benzinga

Don't Miss Any Updates!
News Directly in Your Inbox
Subscribe to:
Benzinga Premarket Activity
Get pre-market outlook, mid-day update and after-market roundup emails in your inbox.
Market in 5 Minutes
Everything you need to know about the market - quick & easy.
Fintech Focus
A daily collection of all things fintech, interesting developments and market updates.
Everything you need to know about the latest SPAC news.
Thank You

Thank you for subscribing! If you have any questions feel free to call us at 1-877-440-ZING or email us at