Etsy to Cut 11% of Workforce in ‘Very Challenging’ Environment. The Stock Tumbles.

Etsy shares declined Wednesday after the online marketplace said it was slashing its workforce by about 11%. The job cuts, which will reduce Etsy staff by about 225 employees, were announced in a letter from Chief Executive Officer Josh Silverman posted on the company website. Etsy’s marketplace has more than doubled since 2019, he wrote, but the company is “operating in a very challenging macro and competitive environment” and gross merchandise sales basically have stayed flat since 2021.