The peak of the holiday season is upon us, and Etsy cuts 11% of its workforce, seeking to restructure the company and cut costs. Josh Silverman, CEO of Etsy, said: “We need to rationalize costs in the face of a “very challenging” macroeconomic environment. competitive environment.” This reduction will affect approximately 225 employees who will be removed from the workforce.
Today, Etsy also updated its guidance for the fourth quarter, expecting its guidance to be adjusted. EBITDA margin to be between 27% and 28%, an increase from previous forecasts of 26% to 27%. EBITDA (earnings before interest, taxes, depreciation and amortization) is the measure of the company’s basic profitability and calculates its figure by adding interest, taxes, depreciation and amortization to the company’s net income. entity.
Etsy, Inc. is an American e-commerce business specializing in handmade or vintage craft items and supplies. Independent artisans, artists and collectors can sell their items here. People sell in a wide range of categories including jewelry, furniture, toys, clothing, tools and even artwork. Within two years, it had half a million users and revenue of $26 million. Etsy’s biggest competitors are brands like Shopify and Amazon.
Etsy is currently under negotiation at $81.54 as of this writing.
Featured image credit: Andrea Piacquadio; Pixels
