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

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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.

 

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