Sabre Corp lays off more than 900 workers
Sabre Corp said it is culling its workforce by more than 900 workers as it grappled with a $6.5 million second-quarter loss.
In its second-quarter earnings announcement, the Southlake, TX based travel tech firm said the downsizing and other cost cutting measures will result in in $110 million in savings by next year.
"Today, Sabre announced an initiative to streamline and focus the business through reorganizing certain functions, reducing layers of management, and lowering costs to enable a more nimble, faster moving and focused organization," it said.
The job cuts amount to about 9% of its total workforce globally.
"Over the last several months, we have had an open and ongoing conversation with our customers, employees and investors about our need to prioritize our product offerings and investment strategies," the company said.
It will enable Sabre to meet targets for 2017.
Sabre posted a revenue jump of 6.6% to $900.7 million for Q2, which beat analyst forecasts.
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