139
Etsy lays off 225 workers after ‘essentially flat’ sales, says CEO | Business
(www.theguardian.com)
this post was submitted on 14 Dec 2023
139 points (98.6% liked)
Technology
59466 readers
5251 users here now
This is a most excellent place for technology news and articles.
Our Rules
- Follow the lemmy.world rules.
- Only tech related content.
- Be excellent to each another!
- Mod approved content bots can post up to 10 articles per day.
- Threads asking for personal tech support may be deleted.
- Politics threads may be removed.
- No memes allowed as posts, OK to post as comments.
- Only approved bots from the list below, to ask if your bot can be added please contact us.
- Check for duplicates before posting, duplicates may be removed
Approved Bots
founded 1 year ago
MODERATORS
you are viewing a single comment's thread
view the rest of the comments
view the rest of the comments
This is the best summary I could come up with:
The online retail company will reduce its headcount by about 11% after deciding that a “leaner, more agile” workforce would help shore up growth.
Staff were notified in a livestream on Wednesday by Josh Silverman, its chief executive, who blamed the fact that gross merchandise sales on Etsy had remained “essentially flat” for two years.
“At the same time, employee expenses have grown, even as we have introduced significant cost-cutting measures and adjusted or paused hiring plans,” Silverman wrote in an internal email.
It comes after Hasbro, the toymaker, announced two weeks before Christmas that it would cut 1,100 employees as it grapples with lackluster sales.
Describing Wednesday as “one of the hardest [days] we’ve experienced at Etsy”, Silverman sought to rally the staff who were not cut.
“The waters may be rough right now,” he wrote, “but there’s no other ship I’d rather be on, and no other crew I’d rather be with, as we weather this cycle and emerge even stronger on the other side.”
The original article contains 280 words, the summary contains 167 words. Saved 40%. I'm a bot and I'm open source!
Sure, as you know that you can throw people overboard to save your own ass.