cnbc_topnews

Etsy laying off 12% of staff in bid to streamline business, position for growth

📰 source: cnbc_topnews · 💼 business

etsy is cutting about 220 employees, or 12% of its staff, as ceo kruti patel goyal looks to simplify the company and speed up innovation. the layoffs hit product and engineering teams hardest. the company says this isn't a cost-cutting move — it's about positioning for growth while momentum is strong. a spokesperson said ai didn't drive the cuts.

the announcement came with second-quarter earnings. sales hit $668.3 million, beating analyst expectations of $649.1 million. core marketplace sales rose 9.3%. etsy raised its full-year forecast for gross merchandise sales to mid-single-digit growth. for q3, it expects gms between $2.53 billion and $2.58 billion, above consensus. active buyers fell 0.4% to 87 million, but sellers rose 5.9% to 5.7 million. etsy reported an adjusted loss of 36 cents per share, versus a profit of 25 cents last year, due to the sale of reverb.

the company also completed the sale of depop to ebay for $1.2 billion, after buying it for $1.6 billion a year earlier. etsy has been shedding brands to focus on its core marketplace. it's also taken shots at amazon with a "shop other jeffs" campaign and improved search to show more personalized results.

why it matters: etsy is cutting 12% of staff and dumping side brands to refocus on core marketplace growth, a sign of e-commerce competition heating up.

source: cnbc_topnews
sentiment: +0.00 · impact: 0.40

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Surprise fall in US jobs last month as slow summer continues

Homes are selling below asking in 38 of the 50 biggest U.S. cities—if you can afford one

China is gaining ground in AI. But the U.S. still has a major advantage

US strikes $1.2bn deal to pay German firm to halt offshore wind projects