Tripadvisor’s Plans for the Future

Good morning from Skift. It’s Friday, May 5. Here’s what you need to know about the business of travel today.

Listen Now

🎧 Subscribe

Apple Podcasts | Spotify | Overcast | Google Podcasts

Episode Notes

Travel technology vendor Sabre is the latest major company in the tech industry to shed staff. Sabre announced on Thursday it’s cutting around 1,000 jobs, 15 percent of its workforce, writes Travel Technology Reporter Justin Dawes. 

Dawes reports Sabre’s move is part of an effort to save $200 million annually and help improve its business operations. Chief Financial Officer Mike Randolfi said most of the job cuts will occur before the end of the second quarter. Sabre reported that it had nearly 7,500 people on staff at the end of 2022. The announcement came during the company’s first quarter earnings call. 

Sabre generated a little more than $740 million in revenue during the first quarter, a roughly 27 percent year-over-year increase. 

Next, Tripadvisor is making changes to its products, but what will the new Tripadvisor look like? CEO Matt Goldberg explained Tripadvisor’s strategy at its first quarter earnings call on Thursday, reports Executive Editor Dennis Schaal. 

Goldberg said the Tripadvisor is introducing new content formats to boost monetization and user engagement. He acknowledged the company monetizes only a small portion of its audience. Goldberg added that Tripadvisor may incorporate generative AI — technology that includes the creation of images, audio and video — in its efforts to improve planning tools. However, Schaal notes that Goldberg’s remarks about generative AI were mostly aspirational. 

Tripadvisor generated roughly $370 million in revenue during the first quarter, a 42 percent jump from the same period last year. However, it posted a $73 million net loss. 

Finally, corporate travel agency Navan believes it’s taken a big step to help expand its market share. The company has unveiled an updated version of its AI chatbot Ava that it feels will help corporations save money, writes Reporter Selene Brophy. 

Brophy reports Ava can help finance teams condense complex spend data as well as provide insights on managing travel budgets. Navan said Ava’s new capabilities include analyzing travel spending to recommend ways to save money, such as changing hotel criteria. Brophy adds Ava is able to write and send an executive summary of its results in several languages.