Wayfair's premarket share price jumps after the e-commerce company reports layoffs.

Online home goods retailer Wayfair announced plans to cut 1,650 jobs, or 13%, of its global workforce. The company acknowledges it "went overboard" in hiring during a strong economic period and says the job cuts will lead to cost savings of around $280 million. Wayfair's job cuts are part of an effort by the company to restructure its business and reduce costs amidst economic challenges.

January 19, 2024
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