US: Vacation rental metasearch site Tripping.com has restructured and laid off 15 employees in its San Francisco office.
The job losses represent about 30 per cent of the company’s workforce.
Tripping founders Jeff Manheimer and Jen O’Neal said in a statement: “This week we made the decision to restructure Tripping.com to reduce our cash burn and focus on profitability. In order to lower our operating expenses, we have reduced our staff by 15 people here in San Francisco. Our office in Buenos Aires is not affected by these changes. Hitting our revenue and profitability targets is critical and we prioritised positions that are directly tied to hitting these goals and executing on our product roadmap.”
Despite the cuts, O’Neal and Manheimer said Tripping.com “is off to a very strong start in 2018.” The two founders said Tripping, which has more than 12 million vacation rental listings globally, “exceeded our revenue forecast every month this year and increased revenue per visitor by 33 percent in the past 60 days alone”.
The company has raised more than $50 million in funding rounds. It spent more than $600,000 on national TV advertising in the US.