Etsy stock falls after company lays off 11% of its staff, citing ‘very challenging’ environment
Publishing timestamp: 2023-12-13 12:24:12
Summary
Etsy is laying off 11% of its workforce, about 225 employees, due to the challenging macro and competitive environment. The company's CEO stated that despite the marketplace's growth, gross merchandise sales have remained flat, and employee expenses have increased. Etsy also updated its fourth-quarter guidance, expecting a decline in gross merchandise sales and an increase in revenue. The layoffs will cost between $25 million and $30 million, and the restructuring is expected to be complete by the end of the first quarter of 2024.
Sentiment: NEGATIVE
Keywords: earnings, american express co, layoffs, breaking news: business, business news, hasbro inc, etsy inc, personnel, business, labor economy, retail industry,