Expedia Layoffs - What's Really Going On?

Saw the news about Expedia laying off around 3k people, effective July 9th. This comes right after that Hacker News post that mentioned it too. Honestly, not entirely surprised, but still rough for those affected. Travel industry has been volatile, and it feels like Expedia has been trying to right-size for a while now. I wonder what the specific departments hit hardest are. Is this a cost-cutting measure, a strategic shift, or a bit of both? Anyone have insights into what areas are being divested or deprioritized? Curious to hear from anyone still there or who recently left about the internal sentiment and future outlook. Feels like a lot of the online travel agencies are consolidating or struggling to keep pace with direct bookings and new players. Trying to understand the bigger picture here beyond just the numbers.