Booking (BKNG.US) will lay off employees to restructure its business.

Online travel company Booking Holdings (BKNG.US) said on Friday it expects to lay off employees as part of a broader business overhaul. The company did not disclose how many jobs would be affected, but said it expects to provide more details on timing, as well as potential impacts to employees and finances, "at an appropriate time."

Data showed Booking had about 23,600 employees as of the end of 2023. The company said in a filing to the U.S. Securities and Exchange Commission: "We believe these efforts will improve operating cost efficiency, increase organizational flexibility, free up resources, and further improve our service to travelers and partners." Booking added that as part of the organizational change, it would also modernize processes and systems and optimize procurement.

Booking's latest earnings report, released at the end of October, showed the company's Q3 revenue grew 9% year-over-year to US$8bn; room bookings grew 8% year-over-year to 299mn, topping Wall Street estimates and the company's own guidance; total travel bookings, including taxes, were US$43.4bn, while the market expected US$41.4bn; adjusted EPS was US$83.89, topping the market's expectation of US$77.27. In addition, the company's total operating expenses were US$4.815bn, up about 14% year-over-year.