News Formal

Wayfair shares tumble most since October as company cuts over 500 jobs in bid to stop losing money

  • 📰 BusinessInsider
  • ⏱ Reading Time:
  • 9 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 7%
  • Publisher: 51%

Ireland News News

Ireland Ireland Latest News,Ireland Ireland Headlines

Wayfair shares fell over 10% as news broke that the company would cut more than 500 jobs, including 350 from its headquarters.

Shares tumbled as much as 10.36% Thursday, the biggest intra-day move since October. Wayfair plans to lay off 3% of its global workforce, including 350 employed at its headquarters in Boston.Wayfair has never turned a profit, though the company has a strong record in sales growth.

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.

 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.

So they (wayfair) doesn't have just what I need?

We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 729. in İE

Ireland Ireland Latest News, Ireland Ireland Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Google Health, the company's newest product area, has ballooned to more than 500 employeesGoogle Health now has 500 to 1,000 employees, and it's the newest product area at the company since hardware.
Source: CNBC - 🏆 12. / 72 Read more »