Orbitz to cut 10% of U.S. workforce
Times Wire Services
Orbitz Worldwide Inc., the online travel agent that’s had six straight quarterly losses, plans to eliminate 10% of its U.S. workforce to reduce costs as consumers worldwide cut back on traveling.
The Chicago company’s third-quarter loss widened to $287 million, or $3.44 a share, from a loss of $32 million, or 38 cents a share, a year earlier, Orbitz said.
The consensus of eight analysts surveyed by Bloomberg expected a profit of 16 cents.
Orbitz, which has seen more than half its market value erased this year, expects the environment for travel to weaken next year and said it would not meet its gross bookings and revenue goals.
