Etsy's Workforce Reduction Sends Stock Plummeting
TL;DR Summary
Online marketplace Etsy is set to lay off 11% of its workforce as part of a restructuring plan aimed at streamlining operations and cutting costs. The layoffs will reduce the company's headcount by approximately 225 workers, bringing it down to 1,770 employees. Etsy's CEO, Josh Silverman, cited a challenging macro and competitive environment, along with stagnant gross merchandise sales since 2021, as reasons for the job cuts. The news caused Etsy's stock to fall more than 5%.
- Etsy will lay off 11% of its workforce, stock falls Fox Business
- Etsy stock falls after company lays off 11% of its staff, citing ‘very challenging’ environment CNBC
- Etsy lays off 225 workers after ‘essentially flat’ sales, says CEO The Guardian
- 2023 Layoff Tracker: Etsy Cuts 225 Employees Forbes
- Etsy shares dive after e-commerce company cuts workforce Yahoo Finance
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