Extravagance and fierce competition chart a difficult path forward
Remember when we wrote Do Spotify’s latest layoffs make sense? Well, we feel the same way about Etsy’s announcement that it will lay off 11% of its workforce.
This does not mean that we are being harsh on employees affected by these layoffs, or making excuses for what led the Nasdaq-listed market to that point and what could have been prevented. We’re just saying that this isn’t a huge surprise.
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The company’s Q4 guidance was already a guide. It has now updated it further, telling investors to expect “gross merchandise sales to decline 1% to 2% over the period from the same quarter last year and revenue to increase 2% to 3%,” CNBC reported. mentioned.
But the challenge Etsy faces is more than a quantitative one, it is a qualitative one.