Posted on 12/13/2023 12:14:11 PM PST by george76
Etsy’s employee costs have grown even as gross merchandise sales have been near flat, CEO says..
Etsy Inc. shares fell more than 7% in Wednesday trading to place among the S&P 500 index’s biggest laggards after the e-commerce company announced layoff plans.
The company intended to cut about 11% of its staff, or roughly 225 employees, as it embarks on a broader restructuring.
...
We are operating in a very challenging macro and competitive environment, and [gross merchandise sales] has remained essentially flat since 2021. This means we are not bringing our sellers more sales, which is the single most important thing we can do for them.”
Silverman said that Etsy is currently on an “unsustainable trajectory” given that employee costs have still risen despite the business backdrop, and that the restructuring moves will help alter the company’s path. He expects the changes to make the company more “agile” as Etsy focuses on its “key growth priorities.”
...
Etsy anticipates $25 million to $30 million in charges related to the restructuring.
Its shares have shed a third of their value over the course of 2023 to date, while the S&P 500 SPX has advanced 21%.
(Excerpt) Read more at marketwatch.com ...
Employees are demanding more money to deal with inflation - just as sales are dropping due to inflation. Many companies are getting squeezed by Bidenomics.
Someone on TS has been posting the extremely expensive pizzas being sold on Etsy.
How the hell does Etsy have 2500 employees?!?
I understand they need so many employees to deal with the seller relationships and so many tech folks and then the administrative support staff for them. But do they really they have to have 2500 employees to cover that?
Bidenomics may temporarily help Hunter and their corrupt pals.. bad for honest working people.
Etsy is overpriced is their main problem.
They’re also accused of promoting child trafficking, per recent tweets I’ve seen, by peeps investigating.
Similar to what Wayfair was accused of, a while back.
Yeah Jane pretty hard to SEE kids on the site holding a piece of pizza with a price of $4,000 and up repeatedly and come away thinking anything else!!
You saw the same tweets that I did, it sounds like.
I thought Etsy was supposed to be an open marketplace for vendors to sell their goods WHY in the world would Etsy need so many employees?.
Elections have consequences
I wonder when the Woke will wake-up?
I bought some Etsy stock at the IPO in 2015 (which they made available to anyone, via the website), and for years it went down. A few years in, I had the opportunity to tour Etsy headquarters in Brooklyn, and as a “boomer” I was appalled at the “work” environment, with yoga rooms and kombucha on tap. No wonder the stock is stagnant, I thought, and vowed to sell as soon as it got back to my purchase price.
Soon after, they changed the CEO and the stock actually took off. I actually made some money on it, and in fact sold too soon, as it went crazy in 2020.
Anyway, they have entire teams to craft marketing emails, still treat their employees like spoiled children, and layoffs are long overdue. If they survive, they need to hire people who actually expect to work.
From my own experience Etsy is not user friendly. I buy very little on there because trying to find what I am looking for is often very frustrating. It is not a matter of too few but of too many objects being displayed even with narrow search parameters.
People don’t want homemade crap.
“People don’t want homemade crap.”
The people who bought my “homemade crap” (hand-quilted quilts) on Etsy really really wanted them.
Sister and I close out store after Etsy went racist woke.
Yikes!
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