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Online travel services company Booking.com to reduce its workforce by 25%

Online Travel Service Provider Booking Holdings Inc. BKNG,
+ 0.01%,
Formerly known as Priceline, the Booking.com subsidiary said it plans to cut its workforce by 25%, citing the impact of the COVID-19 pandemic on the travel industry. In the pre-market, stock was reported fractionally. The company said it is working with its works councils and employee representatives on job cuts and other cost reduction and restructuring actions. Booking expects to complete its staff reduction plans from September 2020. The stock has fallen 19.7% through Monday, while the S&P 500 SPX,
+ 0.12%
has won 2.0%.