By Kannaki Deka 

(Reuters) – Online travel platform Expedia said on Monday it was cutting about 1,500 jobs globally, or about 9% of its total workforce, as part of its “organizational and technological transformation“.

The restructuring comes after Expedia warned earlier this month that revenue would moderate in 2024 as air ticket prices drop and said CEO Peter Kern was stepping down.

“The business continues to evaluate the appropriate allocation of resources to ensure the most important work continues to be prioritized,” an Expedia Group spokesperson said.

Travel companies are tempering expectations for 2024, a sign that demand is expected to grow more slowly this year.

Last week, Booking Holdings forecast slower first quarter and full-year growth in bookings as U.S. travel demand normalizes.

Total pre-tax charges and cash expenditures associated with the restructuring actions are expected to be between $80 million and $100 million, Expedia said.

Shares of the company were up marginally in aftermarket trading.