Airbnb Inc. expects slower growth in 2023 and has announced it will cut recruiting roles from its workforce. The company said on Friday it had cut about 30% of its workforce, but a representative confirmed that Reuters that restructuring does not mean more layoffs.

The announcement follows a warning from Airbnb to investors that it should protect its cost structure following its first-ever annual gain in 2022, which was attributed to declining average daily rates. While the company remains profitable, it is taking proactive steps to ensure sustainable growth.

This move to reduce recruiting rolls follows a significant workforce reduction in 2020, when Airbnb laid off nearly 1,900 employees, representing 25% of its workforce, due to the COVID-19 pandemic. The impact of the pandemic on global travel has had a lasting effect on Airbnb’s business and hiring practices. Reuters quoted an Airbnb spokesperson as saying that the company has “become a leaner and more focused company over the past three years”.

The Wall Street Journal reports that Airbnb expects much smaller headcount growth of 2% to 4% in 2023. If the forecast is correct, this would be a significant drop from the previous year’s 11% headcount growth. However, the company reportedly remains optimistic about its future and is focused on delivering great travel experiences to guests and hosts around the world.