Booking Holdings Plans Job Cuts

(Reuters) – Online travel giant Booking Holdings (NASDAQ:BKNG) announced on Friday that it expects to cut jobs as part of broader changes aimed at driving real estate savings.

Booking Holdings, which owns brands like Booking.com and Kayak, did not disclose how many jobs would be affected. However, it mentioned that it would provide more details on timing, likely impact on employees, and financials "in due course."

As of the end of 2023, Booking employed about 23,600 people.

The changes follow a recent report of a 13.6% increase in operating expenses for the third quarter.

The company stated, "We believe these efforts will improve operating expense efficiency, increase organizational agility, and free up resources that can be reinvested into further improving our offerings to both travelers and partners," in a filing with the U.S. Securities and Exchange Commission.

Booking Holdings also plans to modernize processes and systems and optimize procurement as part of these organizational changes.