economy
Etsy laying off 12% of staff in bid to streamline business, position for growth
Etsy announced the layoffs along with second-quarter earnings.
TL;DR
- Etsy is laying off approximately 220 employees, representing about 12% of its workforce.
- The majority of affected employees are from the product and engineering teams.
- The layoffs are intended to simplify the company's structure and increase innovation speed, not for cost reduction.
- CEO Kruti Patel Goyal stated the move is to position Etsy for future growth and execution with greater focus.
- Etsy's second-quarter sales exceeded analyst expectations, reaching $668.3 million.
- Gross merchandise sales guidance for the full year was boosted to mid-single-digit growth.
- The company reported a net loss of $46.65 million in the second quarter, impacted by the sale of Depop.