Booking Holdings, one of the world’s largest travel companies announced on Friday that it plans to undergo organizational changes, which will include job cuts, in the upcoming period.

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According to an official statement, the incoming moves, which will also include modernizing processes and systems and seeking real estate savings, will help the company cut its inflated operation expenses and free up resources for further investments.

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“We believe these efforts will improve operating expense efficiency, increase organizational agility, free up resources that can be reinvested into further improving our offering to both travelers and partners and better position the Company for the long term,” Booking said in a statement.

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Booking didn’t detail the scope of the expected layoffs. The company said the final decision is yet to be made, and it plans to include works councils and employee representatives in the process.

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Booking cut thousands of jobs during the pandemic before embarking on several hiring cycles in the past couple of years. The company had 24,200 employees as recently as September 2024.

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Booking Holdings, which owns travel-based platforms Agoda, Kayak, and Cheapflights on top of its flagship accommodation platform Booking.com, had $7.99 billion in revenue in its third quarter, marking an 8.9% year-over-year jump. The company’s stock has been 42.03% up year-to-date.