Expedia Group Inc. said late Monday it expects to lay off about 1,500 employees as it works to “recalibrate resources.”
Expedia EXPE,
All pre-tax charges and costs associated with the restructuring are expected to be recorded this year, to the tune of $80 million to $100 million, and are mostly employee severance and compensation benefits costs, the company said.
See also: Expedia’s stock punished as analysts warn of ‘more uncertainty’
Shares of Expedia were flat in the after-hours session Monday after ending the regular trading day down 1%. In an earlier filing, Expedia said it had 17,100 employees globally.
Expedia earlier this month reported better-than-expected quarterly earnings, but it surprised Wall Street by announcing a CEO change. Expedia’s stock is down 11% so far this year, contrasting with a 6.3% gain for the S&P 500 index SPX.
It nearly matches the broader index’s performance on a 12-month basis, however, up 29% to the S&P’s 28% advance.
