Why did Booking Holdings' operating expenses drop in Q4 2024?

Booking Holdings' operating expenses dropped in Q4 2024 due to efficiency steps that the company implemented, which resulted in a reduction of $400 million to $450 million in expenses. These efficiency steps are estimated to reduce the annual run rate expenses by approximately $400 to $450 million versus the 2024 expense base. The majority of these savings are expected to come from changes across the company's brands, such as modernizing processes and systems, optimizing procurement, and reducing the real estate footprint, as well as approximately one-third from expected workforce reductions.