The layoffs will impact approximately 1,000 workers across a range of roles, including recruiting, support and sales From alicjawithaj
) is laying off 10 per cent of its staff, as the company grapples with a slowdown in e-commerce growth.
"It's now clear that bet didn't pay off. What we see now is the mix reverting to roughly where pre-COVID data would have suggested it should be at this point. Still growing steadily, but it wasn't a meaningful 5-year leap ahead," Lütke wrote. The layoffs will impact approximately 1,000 workers across a range of roles, including recruiting, support and sales. Lütke says the company will also be eliminating"over-specialized and duplicate roles" and roles that were"convenient to have but too far removed from building products."
But the company has been struggling through the post-pandemic recovery amid a broader tech rout and as demand for online shopping moderates from COVID-19 highs. The company's stock is down nearly 80 per cent so far this year.
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