Given that the coronavirus pandemic continues to crush the global travel industry, Hilton Worldwide Holdings Inc. (HLT Quick QuoteHLT - Free Report) is focusing on cost-saving measures to stay afloat.

Per the reports, the company is laying off approximately 2,100 employees (or 22% of its total workforce) from its corporate payroll. This along with corporate pay cuts, shortened working hours and unpaid furloughs is likely to save ample amount of cash for the company. 

CEO Christopher Nassetta stated, "Hospitality will always be a business of people serving people, which is why I am devastated that to protect our business, we have been forced to take actions that directly impact our Team Members."

Despite the virus triggering a catastrophe in terms of lives lost and financial impact, the company appears resilient enough to navigate through these uncertain times. We believe that it will continue to monitor the COVID-19 crisis and adjust its contingency plans in accordance to it.

Other major hoteliers like Wyndham Hotels & Resorts, Inc. (WH Quick QuoteWH - Free Report) , Hyatt Hotels Corp. (H Quick QuoteH - Free Report) and Marriott Vacations Worldwide Corporation (VAC Quick QuoteVAC - Free Report) have also been impacted by the outbreak.

Price Performance

Coming to price performance, shares of the company have gained 38.1% in the past three months, underperforming the industry’s growth of 51.6%. Notably, slowdown in RevPar along with social-distancing protocols imposed across the globe has been hurting the company. Moreover, earning estimates for 2020 have declined over the past 30 days, depicting analysts’ concern over the stock’s growth potential.

Zacks Rank 

Hilton currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

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