TripAdvisor Will Be Slashing Hundreds of Jobs

Confirmed by CNBC on Thursday, online travel operator TripAdvisor is planning to slash 5% of its workforce, or 200 jobs.

According to a source familiar with the matter, most of the cuts are said to be in the company’s experiences division, which had been a source of growth for TripAdvisor in recent years.

Bloomberg was the first to report the job cuts on Wednesday.

It was in the company’s third quarter earnings that CEO Stephen Kaufer referenced the competitive space and said, “Google has gotten more aggressive.”

CFO Ernst Teunissen said in November that the company was looking at three areas to reduce costs, and one of those was experiences and dining. Teunissen said they were looking at cutting $60 million to 80 million altogether.

According to Suntrust analyst Naved Khan, the targeted cost cuts are consistent with expectations. Khan has a $43 price target on the stock.

Shares of TripAdvisor are down around 45% from a year ago.

Disclaimer: We have no position in Tripadvisor Inc Common Stock (NASDAQ: TRIP) and have not been compensated for this article.