- E-commerce marketplace Wayfair Inc W looks to slash 870 jobs to save costs amid the economic slowdown.
- The job cut constitutes 5% of its global workforce and 10% of the corporate team.
- Wayfair also looked towards “substantial” reductions in third-party labor costs.
- Wayfair looks to book $30 million and $40 million of costs, consisting primarily of employee severance and benefit costs, likely to incur in the third quarter of 2022.
- In other cost-cutting news, Snap Inc SNAP aborted the development of its Pixy flying selfie camera to cut costs amid economic uncertainties.
- Recently, Alphabet Inc GOOG GOOGL Google launched initiatives to boost productivity while not ruling out layoff options.
- Netflix, Inc NFLX, Twitter, Inc TWTR, and Tesla, Inc TSLA downsized the workforce amid the slowdown.
- Price Action: W shares traded lower by 7.49% at $66 in the premarket on the last check Friday.
- Photo via Wikimedia Commons
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