The travel industry has continued to see dramatic declines in business due to the ongoing pandemic, and many believe a vaccine is needed to get travel back to normal. Booking reported a 51% drop in first quarter gross travel bookings year over year. Booking is expected to publish results for the second quarter of 2020 on Thursday.
Booking Holdings shares rose 1% at the start of trading on Tuesday. The stock is down about 19% since the start of the year.
“The Covid-19 crisis has devastated the travel industry, and we continue to feel the impact as travel volumes remain significantly reduced,” a company spokesperson told CNBC in a statement. communicated. “While we’ve done a lot to save as many jobs as possible, we believe we need to restructure our organization to match our expectations for the future of travel. ”
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