Wayfair shares tumble most since October as company cuts over 500 jobs in bid to stop losing money
- Wayfair shares tumbled the most since October on news that the company will lay off over 500 from its workforce.
- The company's Boston headquarters will shed 350 jobs.
- Trading volumes spiked on the news.
- Visit Business Insider's homepage for more stories.
Wayfair has never turned a profit, though the company has a strong record in sales growth. The workforce cuts are part of a broader restructuring effort meant to increase efficiency at the online retailer, Wayfair told Business Insider in a statement.
The last time Wayfair shares tumbled more was after the company reported disappointing third-quarter earnings at the end of October. Shares fell almost 19% that day.On earnings day in October, 12.4 million shares traded, versus around 4.6 million by mid-afternoon Thursday. On a typical day, 1.94 million Wayfair shares trade.
A Wayfair engineer told Business Insider that workers inside the company were calling the layoffs the "Valentine's Day massacre." CEO Niraj Shah told employees about the layoffs via a companywide email Thursday morning.
- Reliance Retail raises another ₹1,875 crore as Silver Lake comes back with an additional investment
- India leaves borrowing calendar unchanged — sticks to its ₹12 lakh crore target for the year
- EA Play games will be available with Xbox Game Pass starting November 10
- Indians can now fly to Kenya and Bhutan under the new air bubble agreement, says Aviation Minister Puri
- Centre extends deadline for IT returns filing for 2019-20 to November 30