Etsy to cut 225 jobs as part of restructuring
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FILE PHOTO: A sign advertising the online seller Etsy Inc. is seen outside the Nasdaq market site in Times Square following Etsy's initial public offering (IPO) on the Nasdaq in New York April 16, 2015. REUTERS/Mike Segar
(Reuters) - Etsy said on Wednesday it was planning to cut about 225 jobs, or 11% of its marketplace workforce, as part of a restructuring to pare down operating costs.
Shares of the company fell 7% after the online marketplace operator forecast current quarter gross merchandise sales to decline as much as 2%.
Etsy added it would incur costs of $25 million to $30 million primarily in the current quarter, mainly due to severance payments, employee benefits and other related costs.
Following the job cuts, which is expected to be completed by the end of the first quarter of 2024, the headcount for the core Etsy marketplace team would be about 1,770 people.
(Reporting by Annett Mary Manoj; Editing by Anil D'Silva)
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