Etsy announced significant workforce reductions, impacting approximately 12% of its employees, primarily in product and engineering roles. This restructuring is intended to streamline operations and accelerate innovation, not as a cost-cutting measure. The company reported strong second-quarter revenue that exceeded analyst expectations. Despite the layoffs, Etsy also raised its full-year gross merchandise sales forecast. The stock experienced a decline in after-hours trading following the announcement.
New York, NY
https://stocktwits.com/news-articles/markets/equity/etsy-cuts-12-percent-workforce-after-q2-beat-says-layoffs-not-a-cost-cutting-move/cZoIPhcRJek