Wayfair Inc (NYSE:W, NYSE:), the popular online furniture realtor, announced Friday that it will cut 10% of its workforce, some 1,750 employees, in a cost-cutting move.
Specifically, the job cuts will include about 18% or roughly 1,200 corporate employees. This builds on a previously announced plan to cut 870 jobs in August.
Investors are taking it in stride, though. The company’s stock is up more than 10% Friday morning.
All told, the cuts will save Wayfair about $750 million, the company said.
READ: Google to axe 12,000 jobs as tech sector purge continues
“Although difficult, these are important decisions to get back to our 20-year roots as a focused, lean company premised on high ambitions and great execution,” CEO Niraj Shah said in the statement. “In hindsight, similar to our technology peers, we scaled our spend too quickly over the last few years.”
The Boston-based company certainly isn’t alone. Google announced plans Friday to lay off 12,000 employees, while Amazon.com Inc (NASDAQ:AMZN) and Microsoft Corporation (NASDAQ:MSFT) revealed plans to lay off 18,000 and 10,000 workers, respectively, earlier this week.
Contact Andrew Kessel at andrew.kessel@proactiveinvestors.com
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