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[SITUATION] · [QUIET] · [BUSINESS]

2 clusters · 21 sources · 3 days · First seen · Last updated

Etsy workforce reduction and buyback

Overview

Etsy announced a restructuring plan that will cut roughly 220 jobs, about 12% of its global workforce. The layoffs target product, engineering, design, research and analytics teams and are intended to streamline operations, improve coordination and accelerate product development. Affected employees will receive at least 16 weeks of severance, extended health benefits and transition assistance.

The restructuring follows the company’s strong second‑quarter results, which reported revenue of $668 million, gross merchandise sales of $2.6 billion and adjusted EBITDA of $195 million, prompting Etsy to raise its full‑year outlook. In conjunction with the workforce cuts, the board approved a $2 billion share‑repurchase program. The restructuring is expected to be completed by the end of the third quarter at a cost of about $35 million and comes as Etsy finalises the sale of its Depop unit to eBay.

Entities

Kruti Patel Goyal · Etsy Inc. · eBay · U.S. Securities and Exchange Commission · Depop

Timeline

  1. 16 days ago

    [BUSINESS] 3 sources
    Etsy launches $2 billion buyback and cuts 12% of staff after strong Q2 results

    Etsy posted Q2 revenue of $668 M, raised its outlook, authorized a $2 B buyback and announced a restructuring cutting about 220 jobs (12% of staff).

  2. 18 days ago

    [BUSINESS] 19 sources
    Etsy to cut 12% of workforce in restructuring after strong earnings

    Etsy will lay off about 220 employees (12% of staff) in a restructuring aimed at faster decision‑making, not cost‑cutting, with severance packages and a $2 billion stock buyback, after reporting strong Q2 sales

Sources

actualidadecommerce.com · allwork.space · americanbazaaronline.com · analyticsinsight.net · bursahakimiyet.com.tr · capital.gr · etailment.de · latestly.com · mix929.com · newsbytesapp.com · paparazzi.com.ar · retailgazette.co.uk · sallinggroup.com · sbctv.gr · seekingalpha.com · stocknews.com · theNEXTweb.com · wdez.com · wkzo.com · wvfm1065.com · wxerfm.com