Etsy laying off 12% of staff in bid to streamline business, position for growth
Etsy said the cuts affect about 12% of its workforce, while a new buyback authorizes up to $2 billion in share repurchases.
- On Wednesday, Etsy Inc. announced it will lay off approximately 220 employees, or 12% of its workforce, while its audit committee authorized a new stock repurchase program of up to $2 billion.
- Chief Executive Kruti Patel Goyal explained the restructuring aims to "improve co-ordination and speed of decision-making," with reductions concentrated in product and engineering rather than driven by AI.
- Etsy will incur about $35 million in severance and associated costs to complete the transition by end of Q3, while offering departing staff at least 16 weeks of severance pay.
- CFO Lanny Baker said Etsy would "expect the restructuring to lower operating costs in the near-term" while deepening expertise in machine learning to accelerate future growth.
- Following the reduction, Etsy will maintain a headcount of around 1,600 employees as leadership reported that "all key performance indicators continue to show improving momentum.
19 Articles
19 Articles
Etsy to cut 12% of workforce despite strong quarterly results
Etsy will lay off about 220 employees, or roughly 12% of its workforce, as the online marketplace restructures its organization to speed decision-making and support long-term growth, even after reporting stronger-than-expected second-quarter results. The job cuts will primarily affect the company’s product and engineering teams, according to a filing with the U.S. Securities and Exchange Commission. Chief Executive Kruti Patel Goyal, who took ov…
Etsy to cut 12% of workforce in restructuring, authorizes $2B buyback
Etsy (ETSY) has announced plans to lay off approximately 220 employees, representing roughly 12% of its total workforce. According to a U.S. Securities and Exchange Commission filing on Wednesday, the workforce reduction is part of a broader restructuring
US-based e-commerce platform Etsy announced it will reduce its workforce by approximately 12 percent as part of a restructuring plan.
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