Etsy (ETSY) shares slide after announcing 11% workforce reduction, says trajectory unsustainable

Etsy to cut 225 jobs as part of restructuring

(Reuters) - Etsy said on Wednesday it was planning to cut about 225 jobs, or 11% of its marketplace workforce, as part of a restructuring to pare down operating costs.

Shares of the company fell 7% after the online marketplace operator forecast current quarter gross merchandise sales to decline as much as 2%.

Etsy (ETSY) plans 11% reduction of marketplace workforce

Etsy (NASDAQ: ETSY) disclosed:

On December 12, 2023, the board of directors of Etsy, Inc. (Etsy) approved a restructuring plan designed to increase Etsys operational efficiencies, reduce operating costs, and better align Etsys workforce and cost structure with current business needs, top strategic priorities and key growth opportunities (collectively, the Restructuring Plan).

The Restructuring Plan includes an approximately 11% reduction of the Etsy marketplace workforce, which is approximately 225 employees, inclusive of the management changes described below. Following the Restructuring Plan, headcount for the core Etsy marketplace team is estimated to be approximately 1,770 people,... More

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(Updated - December 13, 2023 12:03 PM EST)

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