Etsy Cuts 12% of Workforce in Restructuring Push

Etsy, the online marketplace known for handmade and vintage goods, announced a significant workforce reduction affecting roughly 12% of its employees. The move is part of a restructuring plan aimed at streamlining operations and cutting costs. In recent quarters, the company has faced slowing sales growth amid intensifying competition from larger marketplaces and shifting consumer spending habits. Management hopes the cuts will free up resources to invest in priority growth areas for the platform. The news could pressure the stock in the short term, though investors often respond positively to cost-cutting measures.