Why Wayfair Shares Are Trading Lower Premarket Today

Author: Anusuya Lahiri | August 19, 2022 09:27am

• E-commerce marketplace Wayfair Inc (NYSE: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 (NYSE:SNAP) aborted the development of its Pixy flying selfie camera to cut costs amid economic uncertainties.
• Recently, Alphabet Inc (NASDAQ: GOOG) (NASDAQ: GOOGL) Google launched initiatives to boost productivity while not ruling out layoff options.
• Netflix, Inc (NASDAQ: NFLX), Twitter, Inc (NYSE: TWTR), and Tesla, Inc (NASDAQ: 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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