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00:02Etsy is laying off about 220 employees, or roughly 12% of its workforce, as the online
00:08marketplace restructures to simplify its organization and speed innovation, according to CNBC.
00:13The company said most of the cuts will affect its product and engineering teams and are intended
00:18to improve execution rather than reduce costs or replace workers with artificial intelligence.
00:23The announcement came alongside second quarter results that topped expectations,
00:27with revenue of $668.3 million versus estimates of $649.1 million.
00:33The company raised its full-year gross merchandise sales outlook to mid-single-digit growth from
00:38its previous forecast of low single-digit growth.
00:40Etsy also raised its full-year gross merchandise sales outlook after core marketplace sales
00:45grew 9.3% while continuing to focus on unique products, improving search capabilities,
00:50and expanding its seller base.
00:51For all things money, visit Benzinga.com.
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