Confirming and amplifying earlier reports, TripAdvisor (NASDAQ:TRIP) says it will cut more than 900 jobs - about 25% of the company's workforce.

Shares are up 1.2% on the day.

"Since mid-to-late February, COVID’s impact on the travel industry and our business has slowly revealed itself day by day," CEO Steve Kaufer says in a memo to staff.

The memo rolls out "Phase 3" decisions in response to the pandemic: "a significant workforce reduction and additional TripAdvisor employee furloughs."

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