TripAdvisor Inc. said that it would lay off a quarter of its workforce in a bid to shrink costs as the global coronavirus pandemic decimates travel.
Needham, Massachusetts-based TripAdvisor is eliminating 600 positions in the US and 300 people in other offices around the world, according to people briefed on the matter. Most remaining employees will be forced to take a 20 per cent salary reduction and the company will close its offices in San Francisco and downtown Boston, according to the people, who asked not to be named discussing information that’s not yet public. A TripAdvisor spokesman confirmed that the company is cutting jobs. Axios reported on the moves earlier without providing details.
The Covid-19 outbreak has gutted the travel sector as many countries have imposed lockdowns, bringing an end to business trips and vacation plans. Expedia Group Inc.’s credit rating has been downgraded, Airbnb Inc.’s highly anticipated public listing debut is in jeopardy and Booking Holdings Inc. Chief Executive Officer Glen Fogel, who tested positive for coronavirus, has asked for government help.